WAUSAU, WI (WSAU) — It was a busy afternoon for Wausau’s Economic Development Committee.
Thursday afternoon Wausau’s Economic Development Committee meeting was a full agenda with multiple projects and updates. One of the main projects approved unanimously at the meeting was a renovation to the Plaza Hotel on 17th Avenue.
The project proposed by current co-owner Jay Jeet Govardhan would split the current 6+ acre hotel lot into three different land parcels. One parcel would be the North parking lot, that Govardhan would buyout from his co-owner.
The second parcel would be 2 acres that include the tower portion of the hotel and the parking lot surrounding the tower. The tower would then be renovated into a Best Western hotel with 60 rooms and a new lobby.The third parcel would be the 2 acres of land to the south of the tower lot. That parcel includes the pool, rooms that face the pool, and other amenities like the banquet hall and conference space. The hotel property on the third parcel will be demolished and the land remaining would be redeveloped into apartments.
With the proposed plan for the Plaza Hotel renovation, Govardhan asked the city for a $190,000 commercial rehabilitation loan to help bridge the financing gap on the $1.4 million projects. The loan amount would come from the city in the form of reverse TIF financing in TIF District 6.
The plan was approved unanimously by the four committee members at Thursday’s meeting. Committee Chair Tom Neal says the project not only helps the owners, but also the community around the current property.
“What makes it a good deal for the area is a heightened value and aesthetic for that property. And then the additional potential for that residential aspect of it in the adjoining lot.”
The project does still needs approval from both the city’s Finance Committee and the City Council. If the project is approved, construction will begin in June with completion of the Best Western expected by December of 2020.
Along with approving the renovation of the Plaza Hotel, the Economic Development Committee also approved new regulations for city loan deferrals. With the COVID-19 pandemic shutting down many small businesses for the foreseeable future, the city wants to support those small business owners during the crisis.
The resolution allows city staff and the administration to address those who will struggle to pay for city loans on a case by case basis due to the COVID-19 crisis. The committee amended the resolution to let small business owners apply for loan payment deferments for the next calendar year as businesses may still need help once the crisis is over.
While loan payments can be deferred on a case by case basis, interest will still accrue on the city loans regardless of payment.
