SIOUX CITY — The Sioux City Council on Monday approved a development agreement with the nation’s largest full-service Mack and Volvo truck and trailer dealership.
Thompson Equipment Co., headquartered in Portland, Oregon, plans to establish a location along South Lewis Boulevard and create 42 jobs in the community. The project represents a capital investment of nearly $6.7 million.
Thompson Equipment Co. (TEC) offers service, parts and new and used trucks, as well as trailers, financing, insurance and 2,600 units for lease.
According to city documents, the company was looking for a new location in the tri-state area and decided to purchase 8.5 acres at 4101 South Lewis Boulevard to build a new 30,000 full-service truck and trailer dealership. square feet.
Under the terms of the proposed development agreement, TEC will commit to invest $6,685,000 to purchase the property and construct a new concession and enter into a minimum valuation agreement of $6.5 million beginning January 1. 2025 and continuing for a period of ten years.
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The city, in turn, will offer property tax rebates of 75% on new additional taxes created by adding value to the property for a period of seven years, according to the documents.
Construction of the project, which will begin next year, is expected to be completed by the end of 2024.