Clear Lake officials have been working on landing a regional warehouse and distribution project that could bring more than 160 new jobs to the area.
The company hasn't been named but is described as being among the first 100 of the Fortune 500.
City Administrator Scott Flory says the city is taking legal steps on a development agreement and an incentive package that would include a 10-year forgivable loan of $1.6 million.
Brent Willett, head of the North Iowa Corridor Economic Development Corp., says local officials "have not received notification that this is a done deal."
The Clear Lake City Council has set a Feb. 17 public hearing on a 15-year development agreement.
Construction would take about 18 months.
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