MARSHFIELD, WI (WSAU) — Plans for a proposed multi-million dollar hotel complex on West Upham Street in Marshfield are moving forward. That’s following the Marshfield Plan Commission’s approval of new “Tax Increment District #12” at their meeting Tuesday night.
Consultant Kristin Fish-Peterson from Redevelopment Resources read the plan. “The proposed development is an 86-room hotel. Its estimated value is approximately $5.2 million dollars. This is the only anticipated development that would occur in that district.”
‘That district’ is a 3.5 acre parcel that’s home to a Knights of Columbus Hall that’s sitting empty, and Fish-Peterson says it’s totally off the city’s tax roles right now. “The site currently has no taxable value whatsoever, so all of that $5.2 million dollars would be considered incremental value to the city.”
As their part of the project, the city would provide around $1.5 million in incentives and street improvements that it would recoup through taxes in about 20 years.
According to Fish-Peterson, “Estimated project costs would include a mill-and-overlay to Upham Street, storm sewer, curb and gutter and sidewalk on Leonhard. And curb gutter and sidewalk on Fig Avenue. As well as a ‘not to exceed amount’ of $750,000 for a developer incentive.”
That development plan, including several amendments to the city’s Municipal Code dealing with ‘Commercial Indoor Lodging,’ now move forward to the Common Council for their final approval on January 8th. If it gets final approval, the tax increment district would be created as of January 1st, with construction of the hotel commencing sometime in 2019.
A public hearing preceded the Plan Commission meeting, with a speaker representing a number of senior citizens with homes on Leonhard Street voicing opposition to the plan.
The identity of the developer for the project has not been released.
