The former Waterfall motel and restaurant site is poised for redevelopment.
Dan Bertler, a developer who already owns the former restaurant portion of the Waterfall property, has agreed to purchase the site at 1053 Park St. from the village.
The Village Board approved the sale Monday, a week after Bertler spoke to the board about his plans for the site, which could include a restaurant, retail space, a clinic or a financial institution. Bertler said he is looking for other possibilities.
The board met twice in closed session before agreeing to a counter offer prepared by village attorney Matt Dregne.
The site was purchased by Bertler for $36,754. The counter offer includes a provision on the sale that requires 6,000 square feet of floor area to be built within four years.
Village president Jeanne Carpenter pointed out the relatively low sale value and how it overall is a “win-win for the village” because it does not involve any direct compensation to the developer.
“If someone is looking at this document and thinking, ‘Wow the village is not getting much money for this land,’ part of our negotiations with Dan is that he would not be seeking (tax-increment financing) funding,” she said. “Dan preferred to purchase the land from us on a discounted price in exchange for not doing TIF.”
TIF is a financial tool used by municipalities to incentivize economic development by pooling increased taxes on that development among the overlying taxing jurisdictions.
Village trustees shared their excitement for the development. Jerry Bollig described it as a “very positive forward moving project for the village.”
Bertler said he already has three “competitive” bids on demolishing and clearing the property, which he plans to have completed by Sept. 15, after the closing date. He said he also has a completed environmental report to be submitted to the state Department of Natural Resources.
“This is the easiest real estate deal I’ve done in a while,” Dregne said.