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Buyer proposes lab and jobs for Platteville industry park lot; city staff outlines sale terms
Summary
An unnamed purchaser offered to buy ~1.34 acres of Lot 47 (305 Phillips Road) in Plattevilles Industry Park to build a 7,200 sq ft lab and office, create eight full-time jobs and construct a storm-water pond; staff described a negotiated $45,000 land price and TIF assistance to reimburse half the pond cost.
City staff presented terms for a proposed sale of Lot 47 in the Industry Park (305 Phillips Road). The purchaser, an unnamed firm that provides water-testing services for municipalities and industry, proposes to buy approximately 1.34 acres, build a roughly 7,200-square-foot laboratory and office, and employ eight full-time workers.
Staff (Joe and Abby) said the negotiated purchase price is $45,000 for the ~1.34-acre parcel. The buyer would be responsible for constructing a storm-water retention pond for Lot 47; staff estimated the pond construction cost at about $62,000. The city would consider a TIF assistance agreement to reimburse roughly half the pond cost over time, tied to the purchasers increased investment. Staff also described a standard development agreement with construction deadlines and repurchase provisions; the draft agreements and a TIFF (TIF) assistance agreement were provided to the buyer and are under review by the city attorney.
Abby told the council the buyers initial minimum construction estimate was $650,000 but that more recent figures put the cost closer to $950,000 to $1.1 million. The buyer also agreed to maintain the storm-water pond regardless of future lot ownership.
Council members asked about lot configuration, the pond location (north side of the lot), and timing; the purchaser indicated an intent to start construction as soon as possible. Staff said the agreements should be finalized before the council considers formal approval at a future meeting.
What happens next: Staff expects final draft agreements from the city attorney and will return to council for action once documents are complete.
