The city of Princeton has approved a developers agreement for an auction business site on land recently purchased on the north end of the city by brothers Jeff and Mike Haehn.
The business will feature heavy equipment auctions, plus some indoor auctions.
The Haehns received the approval last Thursday after getting their plat Ok’d last month by the city for the nearly 20-acre parcel that will have the auction business. The site is just south of the Wayne Pike property where heavy equipment auctions were being run for many years.
The Haehns formed a partnership last January that purchased the Wayne Pike Auction business and were renting the Wayne Pike auction site this summer for auctions on that site. But the Haehns decided sometime later that they would instead operate their auction business on the piece of land to the south that is now platted.
As part of the development agreement, WPAC Building, LLC, that the Haehns are with, had to give a letter of credit to the city of $70,125 less $6,000 cash paid.
Parts of the escrow fund that the letter of credit provides, will be released back to the developers as segments of the development are completed. For example, once the grading has been done satisfactorily, then the money covering that will be returned.
The agreement also has the developers paying $4,455 to meet the city’s park dedication fund requirements. Developers are required to donate either so much land or the equivalency in money for the city’s parks program, according to the size of their development.
Other conditions include that the developers will have to provide a water well, on-site sewage disposal, asphalt surfaces on access areas, three-rail fencing around the site, and parking in front of the office building.
If the number of indoor auctions should increase beyond a certain number per year, then the city will review if additional parking areas should be paved.