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Development
Redevelopment Projects >
Lime Pit
| Base Value: | $386,700 | |
|---|---|---|
| Current Value: | $421,200 | |
| Original Property Taxes: | $10.300 | |
| Current Property Taxes: | $10,300 | |
| Projected Property Tax When Complete: | $245,100 | |
| Current Property Tax Increment: | $0 | |
| Projected Property Tax Increment: | $234,800 | |
| TIF Expiration Date: | 2021 |
Tax Incremental District Number Six consists of 11.61 acres of land located at 1960 S. 67 Place. The site has been used as carbide gas manufacturing plant, a waste storage and transfer facility, an oil/hazardous waste trucking terminal, a salvage/junkyard, and a lime pit, used to store lime slurry. It is important to pursue redevelopment in a proactive approach to prevent the site from accumulating additional fill materials that cannot be developed upon, as well as discarded vehicles. In recognition of all the above, the area is therefore a blighted area and in need of blight elimination and an urban redevelopment project. To prepare the District for development, the land will need to be cleared and environmental testing and clean-up will be conducted. Project costs will also include relocation of the existing businesses, and site grading and geotechnical work to fill the former lime pits. The project is currently planned to 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 Wisconsin Department of Commerce Brownfield Grants, Wisconsin Department of Natural Resources Site Assessment Grants.
