Council approves development agreement
By Angie Landsverk
A 48-unit apartment complex is set to be constructed in Waupaca’s East Gateway.
The common council voted 8-0 last month to approve a developer’s agreement between the city and Premier Real Estate Management.
Aldermen Steve Hackett and Eric Olson were absent.
The project is in Tax Incremental Financing (TIF) District No. 8.
“It’s a good project, and we think it will be a nice asset out by the airport and in the TIF,” Mayor Brian Smith said.
The company plans to break ground on the four 12-unit buildings in July or August, according to Brennan Kane, the city’s director of community and economic development.
Chris Slater, Premier’s president of development and investments, told the council the project will be completed next year. He is excited about the development.
It will be on a 9.64-acre parcel on the northwest corner of Commercial Drive and Webster Way, near the State Highway 22/54 bypass.
All the units will have two bedrooms and two bathrooms.
Each unit will also have laundry and an attached garage.
There will be on-site management.
Slater noted the company has completed or is in the process of working on similar projects in other communities, including in Clintonville, New London, Mosinee, New Holstein, Beaver Dam and Horicon.
Prior to the developer’s agreement going before the council, the city’s Plan Commission reviewed and approved the project’s site plan.
The developer’s agreement includes the city committing an incentive package that does not exceed $440,000 and Premier guaranteeing a minimum assessed value of $3.6 million by Jan. 1, 2020.
The city’s projected payments to the developer are $24,255 in 2019, $87,435 in 2020-2023 and $66,005 in 2024.
The payment in 2019 is based on an assumed value of $1 million that year, while the payments in the other years are based on the project’s $3.6 million value guaranteed by Jan. 1, 2020.
In addition, the city is working on a plan to design a shared regional detention basin to serve the project and future development in this area.
The pond will be built primarily on the city’s Eco Park.
The city identified a potential drainage basin area of about 122 acres that could be serviced by it.
It expects it will cost between $100,000 and $120,000 to construct the regional detention basin.
The city will design it, seek construction bids and then special assess those costs back to property owners served by it.
The developer’s agreement between the city and Premier includes a $50,000 payment from Premier to the city.
That payment will cover Premier’s cost of the regional detention basin, as well as a proposed pathway around the pond.