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1/19/2007
Menasha: behind the 8-ball, but not biting the dust
Yesterday, Menasha Mayor Joe Laux let me know in no uncertain terms that my headline was way off the mark when I titled an article featured in FoxPolitics News, “Menasha’s Lake Park Villas: another city-financed project bites the dust.”
According to the referenced Post-Crescent article, the City of Menasha’s partner in the Lake Park Villas development, Wisco Enterprises, is in receivership. According to Laux, Wisco’s less than stellar performance with the development put the city “behind the eight-ball” and has “hurt us.”
So Joe let me have it…” Jo, your iteration could not be further from the truth and has done a horrible disservice to all those who live in Lake Park Villas and the City of Menasha. The City of Menasha still owns Lake Park Villas and will be selling lots very soon. It has been a successful project so far. The developer we partnered with is in the process of dissolving – not Lake Park Villas!”
And then Professor Joe gave me a lesson in Wisconsin land use policies, Sanitary Districts, urban sprawl and the City of Milwaukee in 1929.
Take my word for it that all those lessons were used to illustrate (in amongst several other side conversations) that the City of Menasha purchased the 133-acre farm because they couldn’t otherwise have ever brought the land into the city, as they weren’t authorized to bring sewer and water service into the area. The bottom line: in order to grow (and to continue to grow its tax base effectively), Menasha was forced to extend into someone else’s sewer service area. So they bought the farm, added all the necessary infrastructure, and hired a developer to sell the residential and commercial lots. Joe tells me the developer was chosen via a fairly standard “Request for Proposals” process and that adequate financial due diligence was undertaken.
Due diligence or not, Wisco is now in receivership. So the City finds itself in the unusual role of not only a significant real estate investor, but also a real estate developer. Sad to say, the city’s timing is less than remarkable, having to manage a significant investment of taxpayer funds just as the housing market is cooling markedly.
What Menasha knows it needs to do is to boost lot sales so it can be sure to fund the debt service on the property (total investment of $8.1M). More easily said than done. This will be a bit of a tough time, but in no way has the city or Lake Park Villas or Lake Park Villas residents thrown in the towel. They’ve got a long way to go together.
Mayor Joe, I stand corrected. Lake Park Villas has not bitten the dust. It’s just that you have one more big challenge in front of you. You have lived, are living (thriving?) and, I’m sure, continue to be ready to fight another day.
COMMENTS
Another example of why our city should not be spreading its tentacles in to every aspect of our lives. If you aren't supposed to be there (because it is another community) - don't try an end-around to buy your way to growth.
We need a minimalist government in our community. One that allows private businesses to successfully invest, build, and manage businesses. Individuals take the risk, individuals reap the rewards or take the hit ... not ALL OF US. Our city is in the business of real estate development, movie theater construction, an electric utility, and who knows how many other 'do it yourself' economic projects. How many are doing well? Let's not do this again in the future by getting involved in more 'grand plans in the future - instead let's learn from what is happening now in our community. Beyond that, we should start divesting ourselves of the long list of projects that are costing the taxpayers untold amounts and allow the free market system to start doing what it does best.
Jeff Riedl (Fri Jan 19 07:51:01 2007)
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