The Community and Economic Development Committee met 01/11/2023. One of the items they discussed and voted on was a request to approve a development agreement for improvements to the Chase Bank property at 200 W College Avenue in TIF District 11.
The committee ended up voting unanimously to approve the development agreement.
Here’s a transcript of the full discussion:
Per Economic Development Specialist Matt Rehbein, the developer acquired the property in October of 2022. His plan is to create 24 residential units on the top two floors of the buildings, rent out the first floor to Chase and another commercial tenant, then use the basement level as an entertainment venue of some sort. Mr. Rehbein said that the basement was a unique space that already had a stage and the developer was looking for ways to incorporate the old bank vault that was down there.
Per the development agreement, the TIF District would invest “the lesser of eighteen and 43/100ths percent (18.43%) or $745,185 of the Tax Increment Value as of January 1, 2025, plus interest thereon to support the project.” That, however, would be contingent on the developer hitting certain values and timelines. The property is currently assessed at $2.1 million and the new development was expected to increase its value to around $6 million which would be a $4 million increase.
Alderperson Nate Wolff (District 12) asked if this meant the Chase logo would no longer be on the building, but Mr. Rehbein didn’t know how the developer was going to manage signage and noted that Chase would still be a tenant.
Alderperson Kristin Alfheim (District 11) thought this agreement was advantageous to the city because, as a Pay-Go TIF, the city was not putting out any money on the front end, the money the city did put out would all come back to the city in the end [presumably in the form of increased taxes], and they would be keeping the building in Downtown Appleton full which was a good thing for everyone.
View full meeting details and video here: https://cityofappleton.legistar.com/MeetingDetail.aspx?ID=1062684&GUID=D0460954-CB11-4102-B9EE-DB1D21D29D95
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