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RACINE — The redevelopment of Water Street, formerly known as Machinery Row, will be paid for in part through the Tax Increment District created for the project.

The City Council on Wednesday approved the sale of $3.5 million in anticipatory notes from the TID that will go toward dismantling the remaining buildings and cleanup of the sites for future development.

The proposal went before the Finance and Personnel Committee on Oct. 22 which submitted it to the council with a recommendation for approval.

The estimated total cost of the project is $6.5 million, which in addition to the TID is being funded with a $300,000 state grant, a $500,000 federal grant and $220,000 from the intergovernmental revenue stream.

So far, Veit & Co. of Rogers, Minn. has taken down a handful of the 15 buildings slated for the redevelopment. Veit’s bid for the project was around $2.8 million.

The project will include the redevelopment of:

  • The two old J.I. Case Co. buildings that were the subject of the former Machinery Row plan.
  • Assorted outbuildings between Water Street and the Root River including those on the former Azarian Marina property.
  • The four-story former Case Plow Works building and site of the former Factory of Fear haunted house at 615 Marquette St.
  • A sprawling former industrial building at 526 Marquette St. that housed an indoor motocross track.

The sites will also be remediated of environmental issues to provide a “clean slate,” as Mayor Cory Mason put it, for future development.

The project includes a walkway along the riverfront that would be open to the public.

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Reporter

Christina Lieffring covers the Burlington area and the Village of Caledonia. Before moving to Racine, she lived in Nebraska, Beijing, Chicago and grew up in Kansas City.

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