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(Edgerton, WI) Excerpts Courtesy of WEDC Release

With a $489,000 WI Economic Development Corp. grant to Rinehart Properties, a third Edgerton tobacco warehouse renovation project is moving forward. Legacy Lofts, which is located in the city's Central Business District, will feature 1-to-3 bedroom residential units.The $2.1 Million project, which was supported by a Tax Increment Financing package from the City's Redevelopment Authority, is scheduled for completion Q2/Q3 2016.  

The redevelopment project will not only fill a need for more downtown housing, but also will add to the city’s tax base and is expected to spur more downtown development.

“A vibrant downtown is crucial to the overall economic health of a community, and plays a key role in helping area businesses attract and retain quality employees,” said Lt. Gov. Rebecca Kleefisch, who joined city officials today in announcing the grant. “An entire community benefits when the city, state, and developers come together to turn a historic building into a renewed, contributing part of downtown.”

“After holding the properties for more than 10 years, the WEDC grant will make reuse of the most historic tobacco warehouse in Edgerton possible,” said developer Dan Rinehart, of Rinehart Properties. “I am more than excited and honored to make this reuse a reality in hopes that this great building will stand as a representation of Edgerton history for another 100 years.”

“Cooperative efforts by all parties involved with the Legacy Lofts project will serve to benefit not just the City of Edgerton, but the State of Wisconsin as well,” added Edgerton Mayor Christopher Lund. “Mr. Rinehart has a history of bringing people to the city from all over the country, and we believe this project will do the same.”

WEDC’s Community Development Investment Grant Program supports community development and redevelopment efforts—primarily in downtown areas—throughout the state. The City of Edgerton is one of seven communities awarded a grant out of 32 applications received from the throughout the state in this round of funding.

“WEDC is pleased to be able to support this project, which will help Edgerton continue to move forward with its efforts to redevelop downtown,” said Reed Hall, secretary and CEO of WEDC, the state’s lead economic development agency. “This project will pay dividends that extend beyond Edgerton’s business district, including adding nearly $2 million to the city’s tax base.”

In addition to the state grant, the City of Edgerton is providing $275,000 in Tax Incremental Financing funds for the project.

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