The Beaver Dam Common Council approved the sale of seven acres of vacant land to Pinnacle Foods on Monday night.
The land will be sold to Pinnacle for $1 with the understanding that Pinnacle will make $5 million worth of improvements within the next five years. If not, it will have to pay the city $150,000 for the land.
In September, Ryder Systems sold its cold storage facility at 1201 Green Valley Road to Pinnacle Foods for $37.5 million. Ryder System is a cold storage facility and is housed in a 327,000-square-foot food packaging and distribution center.
Beaver Dam Area Development Corporation Vice President Trent Campbell told the council that the land purchase is for a future expansion once Pinnacle can no longer grow in the Ryder Systems facility.
Last week, he told the Community Development Committee that Pinnacle Foods expects to bring more than 100 jobs to Beaver Dam in the coming years.
In addition, Campbell said previously that Pinnacle intends to retain Ryder’s current 150 employees. In the coming years, he said, it plans to add 100 jobs.
The council voted unanimously to sell the land.