The Community And Economic Development Committee held a special meeting on 12/21/2022 ahead of the Common Council meeting. The purpose of the meeting was to vote on a request to amend the development agreement for the Park Central development at 318 W College Avenue. The committee voted 3-0 to approve the request.
A copy of the full meeting’s transcript is available for download:
Essentially, the original development agreement which was approved in March of 2021 had called for the apartment complex to be completed by December 31, 2022 and for the development to have a minimum assessed value of $8.1 million by January 1, 2023.
Unfortunately, the project ran into some issues, the primary problem being that they discovered they needed a new foundation. Putting in that new foundation meant they had to cut out the existing basement much of which they hauled out with buckets. Additionally, they were experiencing the supply chain issues that everyone has been dealing with.
The developer expected to complete the project in April of 2023 and was asking for a 6 month extension on the completion deadline bringing it to June of 2023. Because assessments are calculated as of January 1, he also needed a 12 month extension on the deadline for achieving the $8.1 million assessed value, bringing it to January of 2024.
Economic Development Specialist Matt Rehbein told the committee, “Obviously, if you walk down the street, you’ll see he’s been working in good faith to get this project done. But he just needs a little bit more time to kind of offset some of those delays we talked about.”
He also told the committee that there was no cost to the city in extending the deadlines. “They don’t they don’t receive any sort of TIF support until meeting those deadlines and meeting achieving those values. So it just pushes that out another year before they’ll start receiving any sort of TIF increment.”
The committee voted 3-0 to approve the extension request.
View full meeting details and video here: https://cityofappleton.legistar.com/MeetingDetail.aspx?ID=1065155&GUID=AF4ACB9A-5E50-4A68-A466-B9F11138C15A
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