The City of Milton Common Council approved on June 16 the sale of 2.5 acres of city-owned vacant land to Capital Investments, LLC. The land is located along Gateway Drive, directly east of Kwik Trip, according to a memo to council from City Administrator Al Hulick.
The land, zoned B2, is appropriate for the developer’s intended use, which is to build a commercial fast food restaurant, Hulick said.
“They hope to build and be open in 2020,” Hulick said.
The offer to purchase is contingent upon the city and developer entering into a TIF (tax incremental financing) agreement, Hulick wrote. As part of the approved land transaction, the city agreed to sell the land to the developer for $1, “pursuant to the (standard) TIF development agreement that requires the developer to create a value that is commensurate or exceeds the land value,” Hulick wrote.
A “buyers recipient” listed on the offer to purchase agreement and registered agent for Capital Investments, LLC, is Timothy Lindau, Nowlan & Mouat, 100 S. Main St., Janesville. Capital Investments LLC Manager Michael McKenna is named on city documents as a buyer. Capital Investments, LLC, filed as a Wisconsin domestic limited liability company in 2014.
The city’s Plan Commission has reviewed the land sale to assure it is “consistent with established city plans,” Hulick said, adding that the developer has not yet brought forward a site plan because the franchise the developer is working with required a land acquisition to be made before entering into the site plan phase.