Downtown Authority purchases Shaffer property
By Stephanie Johns
Members of the Downtown Development Authority (DDA) voted to purchase the Shaffer property, located at 439 W. Jefferson St., for $70,000.
To keep from paying closing costs out of the DDA budget they also voted to pursue a loan for $75,000.
DDA member Everett Royal said he has been working with the Bank of Madison and noted that the top rate may be 3.75 or 3.8.
City Planning Director Monica Callahan later explained that the DDA bid on this property at the same time it bid on the adjacent old Ervin trailer park tract at the end of 2012.
The DDA closed on the Ervin property right away and will close on the Shaffer property in a week or two she said.
As to why the DDA was interested in these properties, Callahan said that they are located in the West Washington Street gateway.
“The DDA is trying to assemble property to make it more conducive to private redevelopment,” she said.
She added that the DDA does not have a specific timeline for that redevelopment to occur.
“They just want to put land together so it’s doable,” she said.
Printed in the February 28, 2013