A new apartment complex will be developed on the south side of Lake Mills after the Lake Mills City Council approved the development agreement for Silverstone Holdings, 1324 S. Main St. at a Meeting Oct. 6.
Two 16 -unit apartment complexes are planned.
“There is a lot of development occurring in the area due to the Highway 89 rebuild,” said Dan Drescher, city attorney.
There are two more developments occurring in the same area, which the council will see agreements for soon. An extension of city utilities will be needed for the project.
Christian Stuebs of Silverstone Holdings asked the council to raise the cap on reimbursement from the tax increment district up to $450,000.
Without approval of the agreement the developer couldn’t do any work that requires reimbursement from the TID
“Most of these costs are front end,” Stuebs said.
He said they would like to get at least one building up by spring, optimistically the project could be finished by this time next year.
“Most of the TID dollars you are looking for is the underground and utilities,” said Steve Fields, council member.
“It sounds like if it works out the way it’s planned there is plenty of increment in there to take care of this,” said Mike Foster, council president.
The council approved raising the cap on reimbursement with TID funds is $450,000.
“We as the city won’t be on the hook for anything,” said Foster. The developer will have to produce receipts to be reimbursed for those funds from the TID, but they won’t receive any reimbursement until 2023 when the TID produces increment.
The council is looking to form an Ad Hoc committee to study the Rock Lake Activity Center Building Purchase.
The goal of the committee is to make a recommendation to the City Council on whether or not the City of Lake Mills should purchase the RLAC building, 229 Fremont St., for the use of a Community Center.
Those who wish to serve on the committee must be residents of the city and available to attend meetings, as well as be committed to the completion of the committee’s work. Applications can be found on the city website www.ci.lake-mills.wi.us or by contacting the City Clerk. All applications must be returned to the City Clerk no later than 5 p.m. on Friday, Oct. 30.
In other business the council:
— Authorized borrowing of funds for $195,000 for five years at 2.5% interest for capital expenditures. These are budgeted items in the 2020 budget. There has been a cost savings in capital items this year of $35,500.