Village of Sturtevant to Repurchase Land

development

The New Year has brought about a new transaction involving the Village Board and developers for a property in Sturtevant, according to a story in the Journal Times.

The Village Board purchased a property in Renaissance Business Park that was sold to Dr. Marc Kennedy and his wife, Dr. Debbie Kennedy, back in December 2017. The 7.5-acre property was sold to the couple for $600,000. They were going to build the “Kennedy Conference Center” on the property.

The Kennedys were working with Racine County Economic Development Corp. on the financing of the project. They wrote in a letter dated Jan. 6, “Banks have been hesitant about financing the convention center because it is a riskier investment that has an unpredictable cash flow.”

It was stated in the development agreement, that the couple had until Dec. 31, 2018 to begin construction on the project, and because they did not move on this it was repurchased by the village.