← Monroe
How to Participate
📞 +16083282000

Finance and Taxation Committee

Date TBD
View Packet

Here is a

  • Main Topic: The City of Monroe is entering into a Purchase and Development Agreement with Peter and Lauree Raskovic for a 2.95-acre parcel located in the North Industrial Park.

  • Purpose: The Purchasers plan to expand their automotive and small truck repair business, adding a research and development component focused on configuring racing cars to operate with ethanol.

  • Financials:

    • The land is being sold for $20,650.00.
    • The agreement includes development incentives and requires the Purchasers to meet minimum fair market value thresholds for the improved site annually from 2020 to 2029, with potential penalties for non-compliance.

  • Public Hearings/Votes: This document outlines the terms of an agreement. Its approval would typically require a City Council vote at a public meeting. No specific public hearings are detailed within this agreement text.

  • Specifics:

    • Development Site: Approximately 2.95 acres within the North Industrial Park, situated north of State Highway 11 and south of Green County Highway DR. This site is part of Tax Incremental District Number 4 (TIF District #4).
    • Purchase Price: $20,650.00.
    • Non-performance Penalty: A potential penalty of up to $7,700.00 per year may be imposed if the Purchasers fail to meet the required minimum fair market value for the improved property.
    • Statute Reference: Mentions Wisconsin Statutes Section 66.1105 (formerly 66.46) related to Tax Incremental Districts.

  • Deadlines & Implementation Dates:

    • Closing Date: On or before October 31, 2016.
    • Full Purchase Price Payment: Due on or before December 31, 2019.
    • Construction of Improvements: Must be completed prior to December 31, 2019.
    • Paving & Sidewalk Installation: Required within 36 months of the closing date.
    • Minimum Fair Market Value: Must be achieved and maintained annually starting January 1, 2020, through 2029.
    • Agreement Termination: The agreement will terminate no later than December 31, 2030, or upon the dissolution of the TIF District/full payment of outstanding TIF debt.

  • Public Participation:

    • While this document is a contract and does not detail specific public comment periods, the approval of this agreement by the City Council would take place at a public meeting, where citizens may have an opportunity to voice their opinions.
    • Official notices related to this agreement should be sent to the City Clerk at 1110 18th Avenue, Monroe, Wisconsin 53566.