October 21, 2011

The City of Menasha took action on Thursday night approving a development agreement with the Menasha Redevelopment Authority setting the stage for land transfers and new development with a projected value of $46 million upon completion.  Aldermen voted 6-1 (Ald. Zelinski voting no) for both the determination of blight on city owned land, and the development agreement.

The actions taken continue the process of creating a new neighborhood just west of Lake Park Villas with our two development partners, Cypress Homes and Lexington Homes.  Cypress has already constructed one home and participated in the 2011 Parade of Homes, Lexington plans to start construction on five homes in November.  When complete, the neighborhood will include over 200 new homes and 9 new businesses. 

If approved by the RDA on Monday, the development agreement would transfer existing undeveloped land, vacant lots, and vacant commercial lots to the RDA.  The RDA would then take on marketing, maintenance, and sale of the existing vacant residential and commercial lots, and sell the undeveloped land to the two residential developers.  This is the first development that utilizes the RDA to manage and market a property since its inception.  The city anticipates payments of approximately $6 million principal and interest in return for land transferred to the RDA over the life of the agreement helping reduce taxes throughout the community.  This  is one of the final actions required to complete the requirements of a development agreement designed to jumpstart the long dormant Lake Park Villas neighborhood.  The buildout of this neighborhood will continue the path to recovery for the city that we have been working towards for the past 3 1/2 years.
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