Will my donation be tax deductible?
Contributions made to the City of Oconomowoc that are used exclusively for public purposes are deductible under Section 170(c)(1) of the IRS Code.
If the community is successful in raising the money so the city can create a park at 517, will the house remain on the property?
If the City is successful in purchasing the property with community donations they will work with the community to design the new park. There are no plans as of yet. If we are unsuccessful in purchasing this property the house will be demolished to make way for an 8-unit condominium.
What if the 1,350,000 is not raised by 1/31/21?
If the community is unsuccessful in raising the funds, the 517 property will be developed into an eight-unit condominium in 2021 and donated funds will be returned by February 15, 2021.