(Beaver Dam) There will be a public hearing on Wednesday for a proposed Tax Increment Finance District in Beaver Dam. TIF #9 would target blight elimination and redevelopment of the area around the shuttered Lakeview Hospital.
The Beaver Dam Common Council last month approved a plan that will pave the way for the old hospital and an adjacent property to be developed into high-end, lakefront condominiums. The council approved an agreement with the Beaver Dam Community Hospital to purchase the shuttered hospital on La Crosse Street for $225-thousand dollars. The costs will be paid for with revenue generated though TIF #9, which would encompass the area around the new condo parcel.
The new development is expected to add $4-million dollars to the tax rolls. Money from TIF #9 would also be used to pay for the $1.2-million dollars needed to raze the hospital.
The plan also includes the nearby Executive Apartment site at 600 West Third Street. The recently demolished structure was the scene of a fire this spring that resulted in two deaths. Both parcels are being sold to JCW Development LLC for one dollar; the company does have to pay outstanding property taxes and related expenses on the apartment site totaling roughly $20-thousand dollars.
JCW Development is a company owned by Beaver Dam-based WDS Construction which now has ownership over three parcels: the hospital, the apartment and a lakefront house they purchased in September that connects both properties. MSA Professional Services was hired last month for $12-thousand dollars to determine estimated project costs, economic feasibility, financing and the boundaries if TIF #9.
The public hearing for the proposed TIF District will be held at the city’s Plan Commission meeting in council chambers at the Municipal Building at 4pm on Wednesday. The meeting will also include a presentation by the consulting firm.