TOMAHAWK – This week, the construction of a new housing development in Tomahawk took a step closer to getting underway.
During its meeting at City Hall on Tuesday, July 7, the City of Tomahawk Common Council approved a resolution allowing the City of Tomahawk Community Development Authority (CDA) to sell a parcel of land located off of Comfort Drive, near U.S. Hwy. 51 and the city’s eastern limits, to S.C. Swiderski LLC, a Mosinee-based real estate management and property development company.
S.C. Swiderski owns rental properties in numerous area communities, including Eagle River, Medford, Merrill and Wausau.
Under a Land Transfer and Development Agreement given the thumbs up from the council last month, S.C. Swiderski will purchase the land for $1 and will begin construction on a planned 72-unit, multi-family residential complex by September.
The project is slated to be completed in about two years and is anticipated to have a minimum assessed value of $9.5 million.
If S.C. Swiderski remains in full compliance with the terms of the agreement, the company will be eligible for a $400,000 tax increment district grant from the city, paid in $40,000.00 annual installments, after the city has recouped its land acquisition costs via tax revenue generated by the development.
The agreement said the city and the CDA have determined that the construction of the housing development is “in the best interests of the city and its residents” and will “serve public purposes in accordance with state and local law, as the project will improve underutilized land, provide jobs, expand the city’s tax base and increase property tax revenues.”
The necessary paperwork was expected to be signed in the days following the meeting, according to City Clerk/Treasurer Amanda Bartz.
Comments
No comments on this item Please log in to comment by clicking here