A forklift dealership in Mason City intends to build and outfit a structure and relocate an existing branch operation about three miles (4.8 km) from a leased facility.
YMH Torrance Inc established a Mason City presence in 1998 as part of its operations across the state of Iowa and in western Illinois.
The dealership received official permission to proceed with expansion plans for construction of a 10,000 sqft (900 sqm) building under a development agreement with the municipality. Torrance would own the building.
After a public hearing, "the city council approved the agreement at the October 5 meeting," says Brent Trout, city administrator. "There were no comments from the public regarding the project."
Through the life of the agreement, Torrance in Mason City needs to retain at least 14 full-time employees or have any tax increment financing (TIF) rebate reduced by 5% per employee below this level. TIF is a public financing method that is used generally as a subsidy for an improvement project.
Also, Torrance must invest a minimum of USD550,000 and remain at the new location on South Federal Avenue for at least 15 years.
Mason City financial assistance includes seven-year 100% annual TIF rebates based on minimum assessment not to exceed USD119,350 with an upfront payment that is equal to three-year, 100% TIF rebates. Other assistance under a USD51,550 urban renewal TIF grant is intended to help Torrance buy land and reduce the cost to extend sewer service to the site.
Torrance started as a motor rebuilder in 1939 in Rock Island, Illinois to serve the needs of a Farmall tractor plant. Over the years, Torrance expanded into materials handling products, including Yale forklifts since 1966. Torrance also represents Landoll forklifts and JLG aerial lift equipment.
Geographically, Hiawatha, Iowa-based Torrance has an ongoing Rock Island location and Iowa branches in the Cedar Rapids, Des Moines and Dubuque markets in addition to Mason City.
The Torrance organisation supports needy causes and the communities in which it has operations. Torrance provided materials handling equipment for Haiti relief efforts of world evangelism advocate KLM International, donated to The Hole in the Wall Gang Camp and acts as a service sponsor at the Des Moines marathon.