Iowa Enterprise Zone Approved 

Times Citizen

By Diane E. Meier

Eldora-Hardin County Enterprise Zone Commission member Liz Gilbert of Iowa Falls was unequivocal in her praise. “This is the first application to come before the commission to which I can say, without any reservation, “This is good.”

Gilbert was speaking about an application by officials of Mirenco, Inc. of Radcliffe to build an office/storage complex in Radcliffe. The application was unanimously approved by the county Enterprise Zone Commission, as was one by Arlington Place of Eldora to build a 37-unit senior congregate care building there.

After receiving approval of the county group, both applications will be forwarded to the Iowa Department of Economic Development for action. If the state grants its approval, both projects will be eligible for a number of state and local tax incentives.

Representatives of both projects made their pitches Wednesday to members of the local board. Voting on the projects were Annette Renaud, Mike Hays, Norm Bissell, and Larry Johnson, all of Iowa Falls, Glen Hodnefield, Radcliffe, Supervisor Jim Johnson, Eldora, and Gilbert of Buckeye.

Mirenco, Inc., which was developed by Radcliffe native Duane Fosseen, markets Drivermax, a product which Fosseen likens to “an intelligent cruise control.”

According to Fosseen, the product can be used on buses and large trucks to cut fuel consumption, cut pollution form wasted fuel, and cut maintenance. Mirenco holds patents on the process in the United States, Canada and Mexico.

Mirenco chief operating officer J.R. Relick said the facility will be a marketing and development center for the company.

“We do not build computers and we will not be manufacturing components of the product in Radcliffe,” Relick said. “What we will do there will involve developing software, programming computers, engineering, and telemarketing.”

Relick said that the projects that there could be 50 and 75 employees of Mirenco in Radcliffe within the next 10 years. In a further breakdown, the Mirenco application states they expect to have at least 26 employees within the next three years. The firm currently employs seven. Both Relick and Fosseen said they will recruit in the local area first for employees. For the most part, they said, the jobs will be “high end.”

Fosseen also told the board that the company’s in the process of making their initial public stock offering. “We’ve raised a million dollars already,” Fosseen said. “Our intent is to sell two million shares. Hopefully, we’ll be listed with NASDAQ the first quarter of 2000.”

Fosseen called his company one that “is really for the small person (looking to invest)” and added that the company has no bank debt with Fosseen still retaining controlling interest.

The application of Arlington Place of Eldora differed from the one filed by Mirenco, Inc. in that it specifically sought approval as a housing enterprise. For this reason, Supervisor Johnson explained, the benefits it will receive are all derived from the state, rather than local taxing bodies.

Rich Helgeson of James Development described the project to the board. According to Helgeson, Arlington Place of Eldora will be located south of Eldora Regional Medical Center with a total project value of $3,050,817.

The three-story building will feature one and two-bedroom apartments with a feature called “congregate care” of which the primary service is a provided noon meal.

Helgeson said the apartment complex would also provide light housekeeping for its residents and include a barber and beauty shop, exercise room, several parlors and library, motel guest rooms for out of town visitors and computer centers in common areas. An activities director will be employed by the complex, but will not live on site.

Rentals on the apartments are set at $860 to $ 1,595 per month, which Helgeson called “market rate housing.”

Gilbert expressed concern that the building was not all on one level but was assured by Helgeson that with the elevators the higher levels had been acceptable in other projects with which he’s been involved.

Supervisor Johnson said he felt an advantage to the project might be that it would free up additional housing in Eldora. Helgeson responded that that was “absolutely true”’ since up to 75 percent of those living in similar housing projects are single individuals.

The senior congregate care building is the second housing enterprise zone project proposed for Hardin County by James Development. The group currently has an affordable housing development under construction along Georgetown Road in Iowa Falls. 

About Mirenco

Mirenco is a Radcliffe, Iowa-based Company that specializes in patented vehicle management technology and consultative services for reducing vehicle emissions, improving fuel economy and lengthening the service life of heavy-duty diesel vehicles.  More information is available at www.mirenco.com, or via e-mail at info@mirenco.com or by calling 800.423.9903.

Some of the statements made in this press release are forward-looking in nature.  Actual results may differ materially from those projected in forward-looking statements.  Additional information concerning Mirenco, Inc. can be found within Mirenco's filings with the Securities and Exchange Commission.  Statements in this release should be evaluated in light of this additional information.

Contact Information:
Dwayne Fosseen
fosseen@mirenco.com
800-423-9903