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Cedarburg authorizes sale and development guarantee for Highway 60 Business Park site
Summary
The Common Council approved a development tax‑guarantee agreement and a resolution authorizing sale of an 8.09‑acre parcel in the Highway 60 Business Park to Forwardway Industrial (assigned from Luther Group), with construction commitments, personal guarantees and a tentative April 29 closing date.
The Cedarburg Common Council on April 13 approved a development tax‑guarantee agreement and a resolution authorizing the sale of an 8.09‑acre parcel at the Highway 60 Business Park to Forwardway Industrial, an assignee of the Luther Group. City attorney Herb Rand summarized the deal as a return of an agreement the council had previously seen, updated to reflect assignment and revised dates.
Rand said the buyer agreed to pay $303,375 for the site and to construct an 86,700‑square‑foot building with occupancy required by Dec. 31 of the stated year. The agreement sets a minimum assessed value of $6,240,000 and includes personal guarantees from several principals. “They’re sort of putting their money where their mouth is with the guarantees,” Rand said, describing the personal assurances offered by the developer’s principals.
Rand also noted an early‑start footings and foundations permit had been added to the packet because the buyer indicated work would begin shortly after closing; staff reported a tentative closing date of April 29 and said site work was expected to start about two weeks after closing. The agreement and sale resolution were approved by motion and second and carried on a unanimous voice vote.
The items advance a local economic development project the city has tracked previously and tie the sale to a specific construction and assessment timetable intended to secure the desired increase in taxable value for the industrial park.
