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Development
Redevelopment Projects >
Wehr Steel
| Base Value: | $930,000 | |
|---|---|---|
| Current Value: | $930,000 | |
| Original Property Taxes: | $25,446 | |
| Current Property Taxes: | $25,446 | |
| Projected Property Tax When Complete: | $283,200 | |
| Current Property Tax Increment: | $0 | |
| Projected Property Tax Increment: | $258,400 | |
| TIF Expiration Date: | 2011 |
Tax Incremental District Number Eight consists of 13.25 acres of land formerly occupied by a steel foundry located at 2154 South 54th Street. A substantial threat of environmental contamination on the property has determined the property to be blighted. Also, footings and foundations not removed from the property when the buildings were demolished in 1991-92, creating economic obsolescence and substantially impeding redevelopment of the site for productive use. Proposed project improvement will consist of property acquisition, demolition of buildings remaining footings and foundation, geotechnical improvements (potential soil compaction), environmental remediation, utility and access improvements, financing and administrative costs. The most significant proposed improvements will probably be demolition of the building's remaining footings and foundation, environmental remedial measures, and storm sewer reconstruction. A 36" storm sewer dating back to the 1900's will either need to be reconstructed or relocated to allow for suitable development. The project will be financed primarily through the sale of Taxable General Obligation (G.O.) Bonds, Tax Exempt G.O. Bonds, land sale proceeds, and federal and state grants such as Community Development Block Grant (CDBG) funds, Wisconsin Department of Commerce Brownfield Grants, and/or Wisconsin Department of Natural Resources Site Assessment Grants.
