(Beaver Dam) The Beaver Dam Common Council Monday night approved the final plat for a new residential housing subdivision on the northside of the city.
Stoney Ridge is located near the YMCA of Dodge County, at the intersection of Olinger Road and Corporate Drive. As many as 61 single-family residential properties are planned. The plat approved last night is for eastern half of the overall project.
The city has an agreement in place with Neumann Developments of Pewaukee which 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, which is located inside Tax Increment Finance District #8.
The developer has to start construction no later than July 1 and have the project completed within 18 months. It is possible that some of the incentives may not be realized because the TIF District could close before the full amount has been paid out.