APPLETON, WI (WTAQ-WLUK) – Appleton’s City Council is expected to vote Tuesday night on two major downtown projects.
The first item is consideration of a development agreement for a new, $49.5-million dollar U.S. Venture headquarters on the bluff site that overlooks the Fox River, which is in the downtown’s south side.
It will reportedly consist of multiple floors above a multi-level underground parking garage.
The developer would build the roughly $25-million dollar garage, but the city would own it and rent space to U.S. Venture. The city would also provide $8-million dollars in TIF funds for the project.
U.S. Venture has reportedly been granted $20-million dollars in tax credits from WEDC and would guarantee the city annual tax payments of at least $1.1-million dollars
The other is consideration of remodeling the Irving Zuelke Building to include new apartments.
The facility would include:
- Floors 11 and 12 will be redeveloped into five (5), two-story luxury apartments with an average of 1,951 square feet.
- Floor 10 would be redeveloped into five (5) market rate apartments with an average 975 square feet.
- Floors 4 – 9 would be redeveloped into office (4,690 sq. ft.) and will target full or half floor tenants.
- Floor 3 would be redeveloped into office (4,110 sq. ft.) targeting full or half floor tenants.
- The Mezzanine may be redeveloped into commercial space at about 3,955 square feet.
- The first floor would be a total of 3,080 square feet of retail.
That $15-million dollar effort would see the city contributing more than $2-million dollars in TIF funds.
City officials say action is required before Congress makes changes to the tax law.
The bluff site location used to house a church and banquet facility. A plan to construct a new library on that land has been rejected.
Tuesday’s council meeting starts at 7 pm at City Hall, 100 North Appleton Street.
