The Community And Economic Development Committee is holding a special meeting 12/21/2022 at 6:45PM just prior to the Common Council meeting at 7PM.
They will be voting on a request for an extension of terms for the Park Central development at 316 W College Avenue. Per the original Development Agreement, the project was supposed to be completed by December 31 of this year (a mere 10 days from the date of the meeting). It was also supposed to have a minimum assessed value of $8.1 million by January 1 of, 2023.
The project turned out to need a lot more structural work than the developers had initially expected which resulted in delays to the project, hence the request for an extension of the deadlines.
City staff is recommending that the Development Agreement be amended, stating in the memo to the committee, “Developer has been working in good faith to complete this project and meet the terms of the original agreement. Since any TIF support is contingent on the creation of new increment, there is no cost to the City in awarding these extensions.”
View full meeting details here: https://cityofappleton.legistar.com/MeetingDetail.aspx?ID=1065155&GUID=AF4ACB9A-5E50-4A68-A466-B9F11138C15A
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