New Development in Cedarburg, Wis., Downtown Put on Hold

At issue is the amount of time it will take to clean ground pollution below the former Tri-Par Gas Station, businessman Gus Wirth said. "I am not backing out of the project, but I am going to put it on hold indefinitely because of the uncertainty of the remediation at the site," said Wirth...

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Bibliographic Details
Published inKnight Ridder Tribune Business News p. 1
Main Author Cole, Jeff
Format Newsletter
LanguageEnglish
Published Washington Tribune Content Agency LLC 07.03.2003
Subjects
Engineers
Vance, Kaye
Wirth, Gus
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Summary:At issue is the amount of time it will take to clean ground pollution below the former Tri-Par Gas Station, businessman Gus Wirth said. "I am not backing out of the project, but I am going to put it on hold indefinitely because of the uncertainty of the remediation at the site," said Wirth, who is also chairman of the Ozaukee County Board. "Maybe somebody else who is willing to take more risk would be willing to take on the project." Wirth's move kills the city's attempts to establish a special tax district this year to aid the project, [Kaye Vance] said. The district -- called a tax incremental financing district -- would redirect a development's property taxes to pay for the project's infrastructure, debt and other costs.