LGEDC and City Cooperate To Make Lake Geneva A Better Place To Live And Work
The Lake Geneva Economic Development Corporation (LGEDC), formerly the Geneva Lake Development Corporation, has been in existence since 1981. Yet, many ask, "What does that organization do? How do they benefit Lake Geneva? Who are they?"
LGEDC is a non-profit Wisconsin corporation that is not a part of the City of Lake Geneva government. In many instances the two have worked together for community betterment. LGEDC is run by a voluntary Board of Directors made up of 12 persons interested in seeing Lake Geneva improve and grow in an orderly fashion. They represent a variety of organizations/individuals and no two may be from the same private business.
The LGEDC "Goals and Objectives" say, "LGEDC is to coordinate the activities of the public and private sector to use the resources of each to achieve community-wide economic development and local neighborhood improvement." A major part of this achievement is to increase employment and tax base in Lake Geneva. Others include the coordination of projects benefiting the community as well as assisting the growth of local business.
The development of the 124 acre Lake Geneva Business Park, along Edwards Blvd., has been a major LGEDC effort over the years past and continues to be. The last survey shows a total of 43 businesses and professionals occupying the Park. These include organizations recruited by LGEDC from outside the local area as well as local businesses that have expanded to the Park.
This project shows one of many advantages of LGEDC and the City working together. In the 1980's the City guaranteed the financing of the purchase of two phases of the Business Park. Land sales have generated more than enough money to pay off the debt along with major payments to the now closed TIF 3 for development of the Business Park and surrounding area. Complete real estate taxes from land and facilities go to all taxing districts involved - county, school, Gateway as well as the City. At the time of closing the TIF 3 assessed value was $49,243,300, up from $3,447,000 at the time of purchase.
Not only has the City benefited from the Business Park, but, all of the current Veterans Park was a part of the total 124 acres of farmland purchased and annexed to the City. Because of the cooperative transaction with LGEDC the City was able to acquire Phase 1 of Veterans Park.
LGEDC also reserved another 13 acre portion of the Business Park for sale to the City as Phase 2 of Veterans Park. As result of this sale to the City LGEDC paid $125,568 to assist in paying off the TIF 3 debt. Because the Board did not intend LGEDC to profit from the sale to the City they contributed another $115,000 to the City for Veterans Park development. Because of the Business Park all of the cost of developing Veterans Park, as the City's major recreation area, was covered by finances from TIF 3 and state grants.
In addition to the Veterans Park cooperative project LGEDC donated the land for Fermano Park, around the Business Park pond, to the City and contributed to the development of this land for recreational use.
These joint projects show what cooperative efforts in our community can do to make Lake Geneva a better place to work and live. There are numerous other cooperative efforts which will be addressed in future LGEDC reports to the community.