(Beaver Dam) The Beaver Dam Common Council Monday night took action that may soon lead to the purchase and annexation of land on the north side of the city, adjacent to its newest business park. The council approved a property acquisition agreement with the Beaver Dam Area Development Corporation to buy eight acres of Highway 151 frontage. The plan is for the Development Corp to purchase the parcel from the current property owners for $488-thousand dollars. The city would then annex the land and purchase the property back from the Development Corporation at the same price plus related costs.
Development Corp Vice President Trent Campbell was asked by Alderman Ken Anderson why the current property owners do not just petition for annexation before the city acquires the land, to avoid duplicate real estate costs. Campbell says property owners are generally not real excited to annex, cross their fingers and hope that a deal happens.
Anderson noted that the city has other priorities and should be focused on needs and not wants. Campbell explained that the revenue for the purchase would come from nearby Tax Increment Finance District #7, to avoid using levy dollars. Campbell says that the TIF’s debt obligations are limited and projected revenue is exceptionally strong. Even if growth becomes stagnant, he says there would be a half million dollars generated every year.
Anderson, who cast the only dissenting vote, accused Campbell of not being honest with the numbers saying that debt obligations would cut the half-million dollars in projected revenue in half. Campbell replied that in the 20 years he has been working with the city, no one has ever questioned his honesty, until this comment.
“Honest with the numbers man?” Campbell said, “That’s not appropriate…There is clearly borrowing costs, there is clearly interest rates, I told you what the future capture ability was…don’t imply that I’m up here trying to play with numbers, its frankly insulting.”
Listen to Campbell’s response in its entirety here: