SIOUX CITY -- The nation's largest full-service Mack and Volvo truck and trailer dealership plans to establish a Sioux City location along South Lewis Boulevard and bring 42 jobs to the community.Â
The City Council will be asked Monday to approve a development agreement and minimum assessment agreement with D. Thompson Properties LLC for the project, which represents a capital investment of nearly $6.7 million.
Thompson Equipment Co. (TEC) is headquartered in Portland, Oregon, and operates in eight states. 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 has been looking for a new location in the tri-state area and has decided to purchase 8.5 acres at 4101 South Lewis Boulevard to construct a new 30,000-square-foot full-service truck and trailer dealership.Â
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Under the terms of the proposed development agreement, TEC will commit to investing $6,685,000 to purchase the property and construct a new dealership and enter into a minimum assessment agreement of $6.5 million beginning Jan. 1, 2025 and continuing for a period of ten years.
The city, in turn, will provide 75% property tax rebates on the new incremental taxes created by the value added to the property for a period of seven years, according to the documents.Â
Construction on the project, which will begin next year, is expected to be completed by the end of 2024.