Community And Economic Development Committee Meeting 05/10/2023 – Will Vote On Second Amendment To Development Agreement Between City And RISE Apartments

The Community and Economic Development Committee is meeting 05/10/2023 at 6:30PM.

The agenda consists of one item which is a request to approve a second amendment to the city’s development agreement with RISE apartments.

Back in September of 2022, the city approved the first amendment to the development agreement which allowed the developer to build all 48 planned dwelling units on the southernmost parcel of the three parcels that comprise the land. Per the 05/10/2023 memo to the committee, the developer “now plans to build a 40-unit multi-family building on the southernmost parcel and eight (8) townhomes on the middle parcel, with parking on the northern parcel. This requires adding the middle parcels to the Development Agreement to allow for capture of tax increment.”

The developer is receiving $649,000 in Pay-As-You-Go TIF support, and earlier this year, the Council voted to direct $1 million in ARPA funds to the project.

View full meeting details here: https://cityofappleton.legistar.com/MeetingDetail.aspx?ID=1101170&GUID=F36DA57E-4F95-439C-9526-95CAFA9607E0