Merrill RDA to consider development incentives
Thursday, May 22, 2014 2:53 PM
The Merrill Redevelopment Authority will consider TID development incentives for two commercial properties when it meets on June 3.
The RDA will consider a $30,000 incentive for the developer of the new Pine Ridge Restaurant, under construction on the former Champ’s site. The owner would receive a $10,000 incentive on completion of the new building and $10,000 each year for the next two years. The new restaurant is expected to produce at least $58,423 in additional tax revenue for the TID over the next 20 years.
The development includes demolition of the former Champ’s Restaurant and construction of the new building, which is about 1,100 square feet larger. The owner is investing about $300,000 in the project. The existing Pine Ridge staff of 25 full-time and five part-time workers will be relocated to the new restaurant. The old Pine Ridge Restaurant on Pine Ridge Avenue closed at the end of April. Kwik Trip has purchased that site for construction of a new store.
The RDA will also consider a $40,000 development incentive to Pine Dells Investments, LLC for redevelopment of the former East Side Floral property at 2308 E. Main St. The development will include demolition of the existing building and construction of a new building of about 5,000 to 6,000 square feet for potential relocation of an existing service business and lease space for future new commercial business. The developer is expected to invest about $300,000 into the property.
A $10,000 incentive payment would be made upon completion of the project, expected this year, and $10,000 annual payments for the next three years. The redevelopment is anticipated to generate at least $76,602 in new tax revenue over the next 20 years.
The development incentives would be paid from TID funds.