City secures Fox Point development agreement
After nearly four-years of pursuing prospective development at the former Fox Point Sportswear property located at 1905 E. 14th St, the City of Merrill has secured an agreement for residential development on the 5.5 acre parcel, which could be completed as early as April of 2022.
According to City Administrator Dave Johnson, the development agreement with Mosinee-based S.C Swiderski LLC entails the construction of four multi-family apartment buildings.
“The City of Merrill will sell the Fox Point property to the developer for $1 by January 1 of 2021,” Johnson stated,
“As an inducement to the developer to undertake the development in TID 10 (Tax Increment District) and to construct the development, the city and the Redevelopment Authority will provide an incentive to the developer by making an incentive payment for project costs incurred, to construct multi-family apartments within TID 10.”
Other details of the development include:
• The city shall pay a cash TIF development incentive to the developer in the aggregate amount of $250,000 with the following payment schedule:
• $50,000 upon construction of the first apartment building.
• $50,000 upon completion (State Occupancy Permit) for each of the four apartment buildings.
According to additional information released by the city last week, S.C. Swidersk will spend at least $4 million for proposed multi-family apartments relating to the construction of the development, and the City of Merrill shall receive a minimum of $125,000 in incremental taxes from the development and the development area, commencing with the first calendar year occurring after the developer’s substantial completion of the development.
“This means that the city’s $250,000 incentive will be recovered in just two years,” Johnson adds.
The saga of the Fox Point Redevelopment effort dates back to August of 2016 when demolition of the existing structure began, following a June 2016 Merrill Common Council resolution to purchase the property, following removal of the building by the current owner, for $450,000. The purpose of the purchase was to facilitate future multi-family residential development.
Discussions of possible development continued into 2017, with proposals being received by both the Merrill Area Housing Authority (MAHA) and S.C Swiderski.
Neither proposal came to fruition.
As approved by the city’s Common Council on Tuesday, June 9, the development agreement between the City of Merrill and S.C Swiderski LLC is set to be signed later this week.
“This development will offer market rate apartments with close proximity to Merrill High School, Washington Elementary School, St. Francis Catholic School, Prairie Trails Park, and Church Mutual Insurance Company,” City Administrator Johnson explains further.
“This complex will contain the only 3-bedroom apartments available in Merrill.”
Unit Mix-56 units in two building types
1 bedroom= 24
2 bedroom= 12
3 bedroom= 20
Two -20 unit Fulton buildings
• 24 one bedroom apartments
• 16 three bedroom apartments
• All units have private entrance and a deck or patio
• Each unit includes a one stall detached garage
• Lower and upper level units
• 700-1,175 square feet
-Two 8 unit Bedford buildings
• One level buildings with attached two stall garages
• 12 two bedroom apartments
• 4- three bedroom apartments
• 1050-1250 square feet