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City informed truck plaza sold; SIED repayment partly received, agreement pending
Summary
City Administrator Shane Fisher told the C.O.W. that the TA Truck Plaza was sold to a conglomerate; two annual SIED grant payments of $101,000 were received, the next payment was due June 2027, and a repayment agreement remained unsigned because a parcel was mistakenly included and had to be removed.
City Administrator Shane Fisher reported that the TA Truck Plaza was sold to a new owner — described in staff notes as a large conglomerate specializing in TA operations — and that the City was not formally notified but was not legally required to be. Fisher said the sale covered the store, restaurants and mechanic shop; the truck wash, land toward the Walmart distribution center and 23 acres across the road remained with the original developer.
Fisher told the committee two annual SIED grant repayment payments in the amount of $101,000 each were received and that the next payment was due in June 2027. He said the repayment agreement between the City and the developer was pending signature because a parcel had been erroneously included in the draft documents and needed removal; once corrected the parties were expected to sign. Fisher also noted that the SIED Board contract provides legal recourse if a developer attempts to walk away or declares bankruptcy.
