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Le Mars council approves $5.5 million LOST commitment for Community Betterment Projects No. 3
Summary
The Le Mars City Council voted Dec. 17 to commit up to $5.5 million in local option sales tax (LOST) funds to match a Le Mars Area Betterment Foundation fundraising campaign for Community Betterment Projects No. 3, which includes upgrades at multiple city parks.
LE MARS, Iowa — The Le Mars City Council on Dec. 17 approved a motion to commit up to $5.5 million in local option sales tax (LOST) financing to support Community Betterment Projects No. 3 (CBP3), a package of park and downtown improvements to be matched by the Le Mars Area Betterment Foundation (LABF).
City Administrator and council members said the city's commitment will be spread over several years and financed against future LOST receipts; the council vote authorizes the city to contract and advance engineering and construction costs up to the $5.5 million commitment before invoicing the LABF for reimbursable project costs. Dustin, a representative of the Le Mars Area Betterment Foundation, told the council that "since 2014, the Betterment Foundation's been working in [the] community. And to date, over $10,000,000 have come forward through very generous donations of our community members and businesses." The motion carried.
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