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TO:

Honorable Mayor and Members of the Common Council

FROM:

Kelly Nieforth, Director of Community Development

DATE:

October 22, 2024

SUBJECT:

Res 24-551 Authorize Submitting Application to Wisconsin Economic Development Corporation (WEDC) for Community Development Investment (CDI) Grant Program for The Corridor Development, LLC; Accept Funds

BACKGROUND

Staff is proposing to submit a CDI grant application to WEDC on behalf of The Corridor Development LLC. The grant amount shall not exceed $250,000 and the funds will be used to redevelop parcels obtained by the Redevelopment Authority (RDA) located along the 600 block of North Main and Jefferson Street. The Corridor Development LLC, who will be closing on the RDA parcels shortly, is proposing a mixed-use project consisting of 55-units of low-income and workforce housing and a two-shift daycare development with surface parking lots, other infrastructure, and site improvements, that will remove barriers for residents in the workforce, all in furtherance of achieving implementation goals of the 2022 Housing Study. The proposed project will convert existing vacant land into workforce housing and host the City’s only two-shift daycare.

ANALYSIS

The Corridor Development LLC will utilize the WEDC funds and housing tax credits to assist with the redevelopment of the 600 block of North Main and Jefferson Streets. The proposed mixed-use development aligns with the city’s Comprehensive Plan and the city’s Housing Study of 2022. The parcels have been sitting vacant for roughly 15 years.

City staff has worked with The Corridor Development LLC’s representatives in preparing the grant application. A grant development agreement will need to be approved by Common Council at a future meeting which will outline how the grant funds will be disbursed and other WEDC requirements that need to be followed by the City and the developers.

FISCAL IMPACT

There are no City funds included in the WEDC CDI grant application or implementation. The Developer will be paying for City’s staff time for grant administration - mainly the grant draws as necessary.

RECOMMENDATION

Common Council approves the submission of the WEDC CDI grant applications and accepts the WEDC CDI grant funds should they be awarded to the City.

Attachments

Res 24-551

Site Plan Corridor