← Monroe
How to Participate
📞 +16083282000

Finance and Taxation Committee

Date TBD
View Packet

Here is a

  • Main Topic: The primary item is the Purchase and Development Agreement for a parcel of land located in the North Industrial Park. This agreement outlines the terms for the sale of approximately 2.95 acres to Peter and Lauree J. Raskovic for the expansion of their automotive and small truck repair business, including a research and development component.

  • Public Hearings/Votes: The provided text is the agreement itself. The agenda item would likely be the approval or discussion of this Purchase and Development Agreement, implying a potential vote by the City Council. No specific public hearing is detailed in this document.

  • Budget/Financial Items:

    • The purchase price for the land is $20,650.00.
    • The agreement notes an outstanding TIF Debt to the City exceeding $1,000,000 related to Monroe Tax Incremental District Number 4.
    • It includes provisions for potential Non-performance Penalties of up to $7,700.00 annually if the purchasers fail to meet minimum fair market value targets for the developed property.

  • Specifics:

    • Location: Approximately 2.95 acres within the North Industrial Park, referred to as the "Development Site."
    • Purchasers: Peter and Lauree J. Raskovic.
    • Purchasers' Project: Expansion of an automotive/truck repair garage with an R&D component for ethanol-powered racing cars.
    • Ordinance Reference: The agreement references Wisconsin Statutes Section 66.1105 (formerly 66.46) concerning Tax Incremental Districts.

  • Deadlines/Implementation Dates:

    • Closing Date: On or before October 31, 2016.
    • Construction Completion: Purchasers must substantially complete required improvements by December 31, 2019.
    • Paving & Sidewalks: Installation of paving and sidewalks is required within 36 months of the closing date.
    • Minimum Fair Market Value: The improved site must achieve a minimum fair market value of $295,000.00 annually from 2020 through 2029.

  • Public Participation: The provided text is the legal agreement and does not detail specific opportunities for public comment or participation related to this agenda item during a council meeting.