Citizen Portal
Sign In

City agrees to apply for Idle Sites grant to support redevelopment of former Honeywell property on Business Highway 151

5929243 · December 13, 2024
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

The council authorized staff to submit an Idle Sites (redevelopment) grant application for up to $250,000 for improvements at 825 E. Business Highway 151; the city would be the applicant and reimburse the private property owner upon award.

The Common Council authorized submission of an Idle Sites redevelopment grant application to the Wisconsin Economic Development Corporation to help fund improvements at 825 East Business Highway 151, the former Honeywell property.

City staff member Joe told the council that a Madison-area investor group purchased the property and plans building and site improvements. Under the WEDC program, the city must be the grantee; if awarded, the city would enter a development agreement and reimburse the property owner for eligible expenses up to $250,000, with the owner responsible for the required match.

Joe said the program is structured similarly to other city-administered reimbursement grants the city has used, and that staff would verify eligible invoices and receipts before reimbursement. Council members asked about the owners' development history and local ties; Joe said one owner has a son attending UW–Platteville but that the investors are primarily from the Madison area.

Councilmember Ken Killian moved to approve Resolution 24-22 authorizing submission of the grant application; Councilmember Todd Casper seconded. The council approved the resolution.

Staff said the grant is targeted at privately owned properties and that awarding funds to this project would count against allowable awards during the program period, but would not preclude city-owned property applications. The council asked staff to ensure a development agreement would specify eligible uses and reimbursement procedures.

Next steps include finalizing the application with consultant assistance and executing a development agreement if the grant is awarded.