In 2003, developer Todd McGrath had plans to turn the former Rayovac battery plant and a vacant grocery store site into a mix of housing, retail and open space. The $70 million project was seen as a catalyst to spur development along the East Washington Avenue corridor.
When the recession hit, however, McGrath lost the property in a voluntary foreclosure. The city bought the land from M&I Bank for $3.57 million in 2010, anticipating that it could find a private developer to take over the site when the economy turned around.
In July 2013, the city sold the property to Gorman for $1 instead of making a TIF loan to the developer.
Madison aims to recoup its estimated $6 million in land and infrastructure costs through new property taxes generated by the development.
It's about time that property gets back on the tax rolls.