Council Approves Sale of 2 Acres at 2001 Gateway Boulevard to Prestige Dance Company

The City Council authorized the sale of an approximately 2-acre portion of city-owned land at 2001 Gateway Boulevard to Prestige Dance Company for the construction of a new dance studio building, city staff said. The council approved authorization to enter an agreement that will allow the buyer to proceed with due diligence and site evaluation.

Drew Pennington, City of Beloit staff, said Prestige offered $10,000 per acre for the two-acre parcel, and would cover some pre-closing costs such as a certified survey map to subdivide the acreage. Pennington said Prestige is not requesting TIF assistance or other direct city incentives; the company is requesting a discounted land price and the city’s standard right-of-first-offer and repurchase agreement so the land would revert to the city if the project does not move forward.

Pennington described the parcel as part of a larger 17-acre site remaining after a 13-acre sale to Blackhawk Transport; Prestige’s site is the portion along Gateway Boulevard near the creek and the floodplain, and includes an existing concrete driveway. Initial plans in the packet show an approximately 10,000-square-foot building and a proposed investment of about $1.7 million; Pennington said Prestige serves about 450 students in its current facility.

The council voted to authorize the sale and allow Prestige to begin due diligence and planned development steps. No development agreement or final site plan was approved at the meeting; such items would return to council for formal consideration if the buyer completes due diligence and seeks additional approvals.