(Beaver Dam) Ground will be broken Thursday on a new residential housing subdivision on the northside of Beaver Dam. Stoney Ridge is located near the YCMCA of Dodge County, at the intersection of Ollinger Road and Corporate Drive.
Neumann Developments of Pewaukee will begin the first phase of the project which will offer 60 new homesites with a variety of ranch and two-story floorplans. The firm will be constructing new homes in this neighborhood over a three-year period.
The city’s agreement with Neumann Developments 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.
Thursday’s groundbreaking will begin at 10am north of Ollinger Road just west of North Chrystal Lake Road.
–Photo courtesy of the Beaver Dam website