WINSTED, MN – After two months of negotiations, Winsted has agreed to purchase 52 acres of land from the Entinger family for a new industrial park.
The city council made a final offer of $18,222 per acre for 40 acres west of the wastewater treatment facility; and $17,000 per acre for 12.61 acres south of Millerbernd Manufacturing.
Millerbernd Manufacturing has indicated it would like about 9.7 acres of the land south of its facility, and plans to buy it from the city for $17,000 per acre.
The price for all 52 acres is $943,250. The city plans to pay $605,400 of that through money it received when two Winsted businesses paid back state investment fund loan dollars. The money is under state regulation, and needs to be used for specific economic development purposes.
“This project fits that scope,” City Administrator Clay Wilfahrt noted.
The remaining land cost of $337,886 will come from the city’s reserve fund. After Millerbernd Manufacturing purchases some of the land, the city will be left with a cost of $172,985.
The land purchases are contingent on title work, environmental assessments, state reporting requirements, and other factors.
Look for more coverage of the Oct. 21 council meeting and work session in the Monday, Oct. 27 edition of the Herald Journal.