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Kraus Proposing Over $1.5 Million In Improvements With Help Of TIF Rebate

Dr. Steve Kraus, President of DMBA Properties and Consulting, Inc. of Carroll, recently purchased four lots along 5th and Clark Streets in Carroll. He is working to build a new home for Biokinemetrics, Inc., his business that links Doctors of Chiropractic with new technologies to streamline patient care, patient outcomes and profitability. He is proposing to build a new, roughly 17,000 sq. foot building in that space with an estimated cost of between $1 and $1.5 million. He expects to begin construction yet this year with an estimated completion date in 2017 for that portion of the two-phase project. Following that, they will work on improvements to the building at the corner of Clark and 5th Streets after the property is vacated by a tenant holding a seven-year lease option. Kraus met with the Carroll City Council to discuss the possibility of receiving a Tax Increment Financing (TIF) rebate.

Kraus made it clear that they are only asking for a 15 year rebate on the property improvements. The new building would be eligible when completed, but the existing building would not receive any rebates until they are able to take physical possession for the renovations. Kraus added that other tax elements would remain in place during the rebate period.

After reviewing the building plans, which includes a design that works to build on an existing wall, council members, Jerry Fleshner and Carolyn Siemann, said they were impressed with the way Kraus has worked on the proposed development of that area.

Kraus added that with a rebate, which is only given after taxes are paid, the company would be able to bring in a minimum of 12 new jobs in moving the existing business from Canada to Carroll with average salaries ranging from $40,000 to $100,000.

He added that without approval, it is likely they would not move ahead any improvements. The Carroll City Council unanimously approved a Letter of Intent (LOI) with Kraus and DMBA Properties to negotiate the proposal brought before them Monday and to consider adding the project to the Urban Renewal Plan to offer the TIF Rebate. The proposal and the preliminary building designs can be found below. Click on the images to bring to full size for readability.

 

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