Fort Madison, IA – Fort Madison has once again approved a financial incentive for Siemens Power Generation, after several modifications. The initial plan extended a tax increment financing district to include Siemens' new plant and a pair of properties located just outside city limits. The county raised some concerns over the city having taxing authority over the two parcels of county land. Fort Madison P & Z director, Ed Basch, says the revised plan, recently adopted by the city council, addresses the concerns surrounding the two properties. If the county land is ever annexed into Fort Madison, Basch says the taxing procedure would change accordingly. Siemens will receive about $1.7 million from the city, as part of an incentive package. The loan will be paid back through the revenues from the expanded TIF district. The county is expected to approve the deal this week.
Fort Madison Approves Tool for Siemens
