By Kevin Boneske
Staff Writer
ASHWAUBENON – General Capital received a one-month extension from the Village Board on an offer to purchase a 2.514-acre site for a senior housing development between Mike McCarthy Way and Borvan Avenue.
Village Manager Joel Gregozeski said the amendment approved Dec. 14 extends the closing date from on or before Dec. 31 to Jan. 31.
Gregozeski said the extension was approved to accommodate General Capital’s request for more time to secure financing for the project.
General Capital submitted plans to use the site to build a three-story, 60-unit senior apartment building and 15, two-story, three-bedroom rental townhomes.
Ashwaubenon’s Community Development Authority agreed last December to sell General Capital the site for $1 with the followings conditions: the board approve a comprehensive development agreement for senior housing and townhome development; General Capital be awarded Wisconsin Housing and Economic Development Authority (WHEDA) tax credits; and closing not to occur until after the development agreement is fully executed and WHEDA tax credits are awarded.
Last year, the board also approved the project’s development agreement, which called for General Capital to receive a $1.2 million tax incremental financing (TIF) loan incentive upon issuance of the final occupancy permit.
Then in October of this year, the board voted 3-2 in support of submitting an application to the State of Wisconsin Neighborhood Investment Fund Grant Program on behalf of General Capital.
Gregozeski said the grant required a local unit of government to apply for it.
Josh Hafron from General Capital informed the board the company requested the grant money because of an increase in construction costs.
Gregozeski said the $3.5 million requested is part of $200 million in grant money Gov. Tony Evers announced this fall to fund shovel-ready projects to serve populations negatively affected by the COVID-19 pandemic.
The board’s motion was conditioned on if a grant is awarded, the village will renegotiate the terms of its TIF agreement with General Capital, given the amount of taxpayer support already authorized for the project.
Gregozeski said the board has not approved an extension to the development agreement at this time.