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Finance and Taxation Committee

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Here is a

This summary covers a proposed Purchase and Development Agreement for property within the North Industrial Park.

Key Agenda Items

  • Main Topic: Approval of a Purchase and Development Agreement between the City of Monroe and Peter and Lauree Raskovic. The agreement outlines the sale of a parcel of land for commercial and industrial development.
  • Public Hearings/Votes: This item would typically involve a vote by the City Council for approval. The document itself does not specify a public hearing dedicated to this item.
  • Budget/Financial Items:
    • The agreement involves the sale of land for $20,650.00.
    • It relates to Monroe Tax Incremental District Number 4 (TID #4), which has an outstanding debt to the City exceeding $1,000,000.
    • The agreement includes provisions for Minimum Fair Market Value ($295,000.00 annually from 2020-2029) and potential Non-performance Penalties ($7,700.00 annually from 2020-2029) if development targets are not met.

Important Details

  • Specifics:
    • Purchasers: Peter and Lauree J. Raskovic.
    • Development Site: Approximately 2.95 acres located in the North Industrial Park, north of State Highway 11 and south of Green County Highway DR.
    • Purchase Price: $20,650.00.
    • TIF Debt: The TIF District owes the City over $1,000,000.
  • Deadlines & Implementation Dates:
    • Agreement Date: October ____, 2016.
    • Closing Date: On or before October 31, 2016.
    • Final Payment Deadline for Balance: On or before December 31, 2019.
    • Construction of Improvements: Must be substantially completed by December 31, 2019.
    • Paving & Sidewalks: To be completed within 36 months following the Date of Closing (approx. by October 31, 2019).
    • Agreement Termination: December 31, 2030, or upon dissolution of TID #4 and full payment of the TIF Debt to the City.
  • Public Participation Opportunities: The provided agreement text does not detail specific public participation opportunities for the meeting itself. However, the approval of such agreements is part of the City Council's public meeting process.
  • Addresses for Notices:
    • City Clerk: 1110 18th Avenue, Monroe, Wisconsin 53566.
    • Purchasers: W7065 County Road H, New Glarus Wisconsin 53574.