By Dave Fidlin
Correspondent
Plans to purchase a dormant Elkhorn Road property that has been locked in foreclosure proceedings have been finalized, following a decision last week.
The Common Council on Oct. 7 voted to partially fund the purchase by borrowing from the city’s wastewater equipment fund to purchase the property, which has been the subject of extensive foreclosure proceedings from would-be developer Elkhorn Ventures LLC.
The county has been in control of the property ever since foreclosure proceedings began.
The city is shelling out $588,824 to purchase the site. As part of the council’s motion last week, $205,000 of the cost is to come from the revolving fund within the wastewater department. The balance of the purchase cost is to be covered through a developer’s agreement with Walworth County.
City Attorney Wally McDonell said the purchase price and funding sources came to be after a series of meetings with county officials.
“(Finance Director) Doug (Saubert) and I attended a meeting, and the county finance committee agreed that if the property was not sold in a foreclosure sale for $815,000, they would sell it to the city of Whitewater for $588,824,” McDonell said.
Nearly a decade ago, investors with Elkhorn Ventures unveiled plans to construct a grocery store, gas station and restaurant on a parcel at a three-way intersection at Elkhorn and Bluff roads and Milwaukee Street.
During the conceptual phase, the city built a roundabout at the intersection. The Wisconsin Department of Transportation required the roundabout construction as a condition of seeing the development through.
Elkhorn Venture’s plans eventually fizzled, and foreclosure proceedings have been taking place in recent years as back taxes were not paid.
