The Stoughton City Council on Nov. 26 approved an agreement with The Alexander Co. Inc. that will redevelop an area along the Yahara River, The Stoughton Courier Hub reports. The news follows the council’s October approval of a six-month memorandum of understanding with the developer to enter negotiations regarding the downtown riverfront project, which concerns 10.5 acres of vacant land in the city’s former industrial area.
Under the agreement, The Alexander Co. must reimburse the city for costs incurred in reviewing development approval applications or tax incremental financing requests. It must also provide a $10,000 deposit.
