During a special meeting Thursday night, the Merrill Common Council approved a development agreement with Merrill Area Development Corporation to redevelop the vacant Hurd property at 201 S. Prospect St.
MADC is acquiring the 33-acre vacant manufacturing property. Under the terms of the proposed agreement, 35 manufacturing jobs would be relocated to Merrill through the initial redevelopment project, with an additional 40 new jobs created over the next year.
The city agrees to provide a $200,000 TID loan to MADC, payable over 10 years. In addition, the city will purchase a five-acre parcel off North Pine Ridge Avenue from MADC for $100,000. That property would be used for regional stormwater drainage and future development.
The redevelopment of the Hurd property will include some building demolition and environmental remediation work, said Lincoln County Economic Development Director Jack Sroka.
A business park development is planned for the property, Sroka said.
“We’re talking to different businesses to locate on the site,” he said, adding that one tenant is already planning to move there once MADC takes ownership.
The development agreement with the city is the first critical step toward MADC acquiring the property, Sroka said.