FORT ATKINSON, WISC.: With the goal of creating new multi-family and single-family homes, the City of Fort Atkinson announces its partnership with Intrepid Investments LLC, on the Ridge View Estates subdivision, located along Banker Road.
The City has been working with Intrepid Investments since earlier this year to finalize a development agreement to build the first of potentially two multi-family developments and several owner-occupied residential units on 35 of the City’s 75 acres of land off Banker Road.
City of Fort Atkinson officials have been working to develop the land since 2018.
The Ridge View Estates properties, located east of the high school, west of Banker Road and south of Hoard Road, were previously slated for residential development featuring large single-family lots. However, the development fell through, and the City Council seized the opportunity to purchase the land in 2018.
In 2019 and 2020, the City adopted a new Comprehensive Plan and a new Zoning Ordinance, respectively. These documents, along with the increased demand for housing in the City, changed the way City officials viewed the development of this area.
In 2021, the City worked with its partners in the Town of Koshkonong to annex the land into the City and prepare it for development. The City also hired Vandewalle and Associates of Madison to work with staff to prepare a plan for a new and diverse neighborhood on the City’s northwest side.
The neighborhood will feature the realignment of Banker Road and the reconstruction of the current Banker Road corridor as a multi-use trail connecting the neighborhood and providing access to parkland and greenspace. There will also be a wide range of housing styles and types including single-family residences, duplexes, townhomes, and multi-family residential buildings.
The City Council has approved the installation of infrastructure in the Ridge View Estates subdivision. Construction on the public infrastructure project has begun and will be completed by Sept. 1, 2025, with construction on the first multi-family building expected to begin in the spring of 2025.
At the meeting Dec. 17, the Council approved offering a pay-go tax increment financing package to the developer including a total of $3,342,640 in returned tax increment between 2027 and 2041. This is based on a minimum of $14,000,000 in added value in TID #9. If the assessed value of the multi-family project is in excess of that amount, the pay back will be accelerated, but not more than the total incentive.
If the Developer builds another multi-family building on the site they will have an opportunity to negotiate an amendment with the City for additional TIF incentives. There will be no incentive on the owner-occupied portion of the project (north of Trillium Drive). The developer has committed to paying the City $18,000 per owner-occupied residential unit to repay the debt service for the public infrastructure.
The City is committing to dedicating and improving a park on the east side of the relocated Banker Road within two years of the completion of that road construction project. The Developer will pay the City’s new park impact fees to support that project.
“We are thrilled to have the opportunity to work with Intrepid Investments to get this multi-year project off the ground,” said Rebecca Houseman, city manager. “Their experience with residential development will provide an opportunity to meet some of the County’s vast housing need here in Fort Atkinson. Jefferson County continues to thrive, offering new employment opportunities. We are excited to offer additional housing options and an exceptional quality of life for anyone who wants to reside in the City of Fort Atkinson.”
“We are excited to take the next step toward bringing high-quality, market rate, new construction apartment homes to the City of Fort Atkinson,” said Kraig Sadownikow, President of American Companies. “There is a strong demand for a new facility that offers enclosed parking, modern amenities and an unbeatable location. This development will have a positive impact on the City’s economy, recreation and culture.”