Public hearing on Amcast property to be held Monday
Cedarburg officials eyeing a TIF district for the blighted area

By Laurie Arendt - News Graphic Staff

Oct. 12, 2017

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 incremental district.

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 the property.

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.

The proposed 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 retail.

This subsidy 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 site.

Email: larendt@conleynet.com

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