Waunakee will split cost of appraisal for 105 E. Second St.; seller to reimburse if property sold within six months

The Waunakee Village Board on July 22 agreed to split the cost of a fair-market appraisal of the historic property at 105 East Second Street, using Tax Increment District funds for the village’s share. Village staff said the appraisal (estimated at about $3,000) would replace reliance on assessed value and help the board evaluate whether to pursue purchase.

Todd, the village administrator, told the board the property is adjacent to Reeve Park and the village’s recent plaza investments; staff cited reasons to consider municipal involvement including cleaning up lot-line/easement arrangements and preserving the building’s character. Board members discussed whether the village should act before having a plan for future use but agreed additional information from an appraisal would be useful.

Amendment agreed at the meeting: the board added a condition that if the owner sells the property to another buyer within six months of the appraisal, the owner will reimburse the village $1,500 (the village’s 50% share). The amended motion passed.

Board members also requested more information on potential future uses and noted that if the village ever converted the building to certain uses (for example, restaurant or residential), fire-suppression or other building upgrades could be required; staff said prior inspections had identified potential fire-suppression considerations tied to future use.

Action taken: Village Administrator authorized to take steps to complete a fair market appraisal and to share 50% of the cost with the property owner using TID funds, with the agreed six-month reimbursement clause if the owner consummates a sale to another buyer within that period.

Next steps: Staff will obtain the appraisal, share results with the board and provide additional analysis of potential public uses and costs for building preservation or required fire-suppression upgrades before any purchase decision.