A public hearing will be held for the proposed project plan and creation of Tax Increment District No. 12, which will see the demolition of the closed Knights of Columbus Hall and construction of an 86-room hotel. The hearing will take place at the Plan Commission meeting Dec. 18 at 6 p.m. at City Hall.
The City of Marshfield will borrow $1,558,500 to help develop the 3.55 acre property at 400 W. Upham since the project requires a significant investment that would not be possible without financial support from the City. The amount will be paid off over a twenty year period through the property’s tax revenue, valued at $5.2 million. Previously, the property generated no tax revenue.
According to City documents, the district is being formed as a Redevelopment District, meaning that at least half of the property classifies as “blighted” due to lack of upkeep for the KC Hall building. The purpose of the new district will be to revitalize the property, stimulate economic activity, and redevelop surrounding areas in the heart of the city, something not possible by relying on private investment alone.
The city anticipates that the project will “bring energy” to the neighborhood while providing a needed service for travelers, especially those seeking medical services nearby.
A number of public works projects will occur in 2019 before the development of the hotel is completed. This could include overlaying the street and completing work on gutters, sidewalks, storm sewers, and distribution lines. Additionally, site improvements and streetscaping will be completed. The City can use tax revenue from the district to fund projects within a half-mile radius of the district boundary.
The district will be created January 1 for the purpose of tax increment with construction of the hotel commencing in 2019. The item will go before the City Council for approval on January 8.