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By Cara L. Dempski
ELK MOUND – On August 23, the Elk Mound Village Board held a special meeting to continue discussions about amendments to the development agreement for Settler’s Ridge. The amendment includes a provision where the Village will fund an $800,000 incentive payment, and the developer for Settlers Ridge will contribute up to $250,000 to be repaid from the Tax Increment District, subject to available Tax Increment District funds, at $25,000 per year for 10 years at 4% interest subject to availability with no prepayment. The amendment also changes the number of units from 84 to 72. This is all contingent upon review by the Village of Elk Mound attorney.
Most of the meeting was held in executive session, meaning it was closed to public attendance and input. When the Board reopened the session to the public, the amended agreement was approved.
The next regular meeting of the Elk Mound Village Board is scheduled for 6 p.m. on Sept. 7.