Beloit releases Gateway developer from obligations

By STEVE BENTON Tuesday, March 24, 2009

Podcast Episode

WCLO's Steve Benton reports the Beloit Gateway project is making money

BELOIT — The Beloit City Council, Community Development Authority, and Greater Beloit Economic Development Corporation met Monday night with developer MLG Investments to officially release them from their obligations to the city.

City Council president, James Van De Bogart says several major developments, including Kerry Ingredients, the Staples warehouse, and Kettle Foods, helped push the Gateway into the black over the last year. MLG asked the city to sign off on the agreement so they could move on to new developments.

If the Gateway project had stalled and not progressed, MLG would have been responsible for paying the city up to $500,000 a year in debt retirement.

Monday's meeting only took about a half hour, and Van De Bogart says the decision to sign off was unanimous

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