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Council approves general offer to purchase 80.94 acres in industrial park; buyer details remain confidential
Summary
The common council approved a general offer to purchase roughly 80.94 acres of industrial park land on terms that include a nominal $1 purchase price for TID property; the purchaser’s LLC and project details remain confidential while due diligence and a site-plan deadline proceed.
The City of West Bend on June 16 approved an offer to purchase approximately 80.94 acres in the industrial park, a step staff said is needed to secure interest while a prospective developer finalizes plans. The offer uses a typical land-holding LLC structure and cites a nominal $1 purchase price for property held in the city’s tax incremental finance (TID) lands; staff said further incentive or developer-agreement details will be negotiated as plans firm up.
Ian (staff member) told the council the agreement is intentionally general at this stage so the developer can complete due diligence, secure design-build partners and prepare a site plan. The offer requires a site-plan submittal by November; extensions are allowed under the agreement. Staff said the arrangement follows prior industrial park transactions and that more detailed disclosure will come as the developer finalizes plans.
Councilmembers approved the offer unanimously. Staff said they will return with more detailed developer agreements, incentives and public announcements as the purchaser’s plans and timelines become concrete.
