Hartford seals deal with Signicast

 

By LARRY HANSON

Daily News Staff

 

HARTFORD - The final hurdle to Signicast's ambitious expansion plans has been cleared.

 

The Hartford Common Council on Tuesday night approved a developer's agreement with the investment castings company that is an anchor tenant in the Dodge Industrial Park.

 

That approval was the final step in a process that began last spring and included utility work and the creation of a tax incremental financing district.

 

The TID-7 is structured a little different than others in that the city and the company will each receive a percentage of the incremental fi-nancing amount rather than a set dollar amount. The city will receive 20 percent of the incremental tax revenue to help cover expenses. The TID will run for 20 years. Alder-man Dennis Hegy pointed out the TID wouldn't close early, because there is no set dollar amount.

 

City Planner Justin Drew said the percentage-based TIDs are becoming more common. With the percentage basis, there is more incentive for the city and Signicast to have the company reach its ambitious goals of doubling its plant size to almost a million square feet and building five new production modules.

 

Mayor Joe Dautermann said given the scope and magnitude of the project, the council should receive accolades. He also praised the work of Drew, Hartford Area Development Corporation Executive Director Patrice Hoeschele, City Admin-istrator Gary Koppelberger and City Attorney Karen Christianson in bringing the project together.

 

Signicast expects to have the first two of the five new production modules completed within a year.

 

The council approved annexation petitions for the project on June 14, rezoning petitions on July 26 and the site plan for module #6, the first of the new construction, on Aug. 8. The expansion will take place over approximately 51 acres in Dodge and Washington counties, directly north of the existing plant.