(Beaver Dam) Beaver Dam may soon acquire land on the north side of the city adjacent to its newest business park. The city’s Community Development Committee last night signed off on a plan that would lead to the purchase and annexation of eight acres along Highway 151. Beaver Dam Area Development Corporation Vice President Trent Campbell says the parcel could be of great value to the city for future development. He says that the acquisition would increase the value of the business park land that is adjacent, especially given its frontage along the highway. Campbell says the purchase would also be strategic because the state Department of Transportation plans on Kellom Road extending from Highway A to Highway B, which would cut through the property. If it were not in the city’s possession, he says that would be another hurdle when and if the road project comes to fruition.
The process for acquiring the land is somewhat complicated because the city wants to use revenue from nearby Tax Increment Finance District #7 for the purchase to avoid using levy dollars. However, the city cannot use TIF money for something outside the municipality.
The plan would be for the Beaver Dam Area Development Corporation to purchase the parcel for $488-thousand dollars. The city would have to annex the land and then purchase the property back from the Development Corporation at the same price plus related costs. The common council will vote on the plan on Monday.
The Beaver Dam Area Development Corporation is a public-private economic development entity tasked with, among other things, bringing new businesses to the city while assisting with the expansion of existing local businesses. While Campbell is not technically a city employee, his salary is paid primarily with monies generated through the city’s hotel-motel bed tax.