CEDARBURG — The
first step toward redevelopment of the 8.42-acre former Meta Mold
Aluminum plant property starts this month with two meetings next
week that are likely to lead to the development of a new tax
The site, which
is located on both sides of Hamilton Road at Johnson Street, is
being reviewed as the site of the city’s newest TID, which is being
developed with the intention of “providing an incentive to a
developer for remediation and redevelopment,” according to a report
provided by Ehlers, the project’s public finance municipal adviser.
The property was last occupied by Amcast, which closed in 2005.
The city of
Cedarburg Joint Review Board will meet at 6 p.m. Monday at Cedarburg
City Hall, W63 N645 Washington Ave., to review the project at 6 p.m.
A public hearing will follow that evening at 7 p.m. as part of the
Community Development Authority meeting with the potential for the
CDA to consider a resolution establishing TID #4. The resolution
would then come before the Common Council for adoption Oct. 30.
The property has
been identified as a contaminated site and is already included as
part of a larger parcel on the U.S. Environmental Protection
Agency’s National Priority List. The TIF financing is intended to
attract a developer who will invest in remediation and renovation of
As proposed, the
city will invest $4.54 million in project expenditures with the
expectation that not all project costs will be recovered. The city’s
report estimates that approximately $879,000 in debt service and
interest will need to be subsidized, but that the value of the
redevelopment outweighs the subsidy.
developer agreement would require a future developer to create
$10.025 million in valuation for the property no later than Jan. 1,
2027. While the report does not identify any specific types of
development for the property, it is identified as a future mixed-use
development with less than 35 percent of the project devoted to
could be reduced by a number of factors over the lifetime of the
project, including earlier-than-expected development, greater
densities and greater economic appreciation. The city could incur a
number of costs as the project moves along, including demolition,
sanitation and grading costs, as well as the cost of making
improvements to the water system and stormwater management on the
<<EARLIER: Future clearer for contaminated Amcast