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Council approves sale and development agreement for 217 North State Street; developer offered $5,000 rebate on duplex construction
Summary
The council approved a development agreement with Forged in Him Inc. to sell 217 North State Street for $5,000 with a rebate of the purchase price if the developer completes a duplex within 36 months.
The Waupaca Common Council on May 6 approved a development agreement selling 217 North State Street to Forged in Him Incorporated. The city will sell the lot for $5,000 and rebate that $5,000 if the purchaser completes the duplex shown in the application within 36 months.
City Administrator Aaron Johnson told the council the parcel was offered by RFP; the city received one proposal from Jeremiah Parker of Forged in Him. The agreement requires the developer to meet building and zoning standards; if the duplex is not completed within 36 months the developer would retain the lot but would not receive the $5,000 rebate. Johnson said the parcel is zoned for the proposed duplex, and a rendering was included in the council packet.
Jeremiah Parker said he expects to rent units long term and estimated in discussion with staff that the target rent would be around $1,500 per month per unit. Parker said his company intends to manage the property after construction. Council discussion noted the lot was previously used for site clearance related to Plant 1 and that returning it to residential use restores neighborhood housing stock. The development agreement passed on a 10-0 roll-call vote.
