Beaver Dam Approved For State Trust Fund Loan

(Beaver Dam) The city of Beaver Dam has been awarded a State Trust Fund Loan from the Board of Commissioners of Public Lands. Beaver Dam is receiving $370-thousand dollars to purchase two blighted properties. City Finance Director John Sommers says $225-thousand dollars will be for the purchase of the former Lakeview Hospital on La Crosse Street. The city recently acquired the property and is re-selling to developer WDS Construction of Beaver Dam who will be building high-end, lakefront condominiums. Money for the purchase and demolition of the shuttered hospital is expected to be coming from revenues generated from a new blight-elimination Tax Increment Finance District being formed. Somers says the State Trust Fund monies will essentially be a short-term loan. The remainder of the money will be used for the purchase of what is called the Steinkraus property, which is the former car dealership at the intersection of South Center Street and Ryan Cantafio’s Way, right next door to the Madison Place Apartments. Interestingly, the city had planned on selling that same property five-years ago to WDS Construction for their new headquarters. That deal fell apart over uncertainty with the timeline for environmental cleanup and WDS constructed their new headquarters on Beaver Dam’s far north side.