(Beaver Dam) The Beaver Dam Common Council Monday night approved a developer’s agreement for a new residential housing subdivision on the northside of the city. The agreement with Neumann Developments of Pewaukee allows for up to $6.7-million dollars in incentives in the form of tax breaks. Those incentives total 95-percent of the taxes expected to be generated by the development itself within Tax Increment Finance District #8.
The property is located near the YMCA of Dodge County, at the intersection of Olinger Road and Corporate Drive. The developer has to start construction no later than July 1 and have the project completed within 18 months. Between 58 and 61 single-family residential properties are planned.
Sidewalks would be installed during individual home construction. Regardless of that pace, all sidewalks would have to be installed by December 31, 2025. In addition, Neumann Developments will pay a fee in lieu of planting trees along the street. It is possible that some of the incentives may not be realized because the TIF District may close before the full amount has been paid out.
