Neillsville City Council Approves Economic Development Grant
Saturday, December 26th, 2015 -- 8:35 AM
It was a night of risk taking for the Neillsville City Council at their Tuesday meeting.After approving a subordination request from Memorial Medical Center, they approved a $50,000 Economic Development Grant. This grant will be awarded to John and Jenny Chadwick who plan to purchase the former Sunburst Youth Homes Administration Building and build an assisted living center.
The home, which would be called Riverside Assisted Living, would have 14 individual rooms and Western Wisconsin Cares would also have a 3 year lease in the building. The building will be purchased for $600,000 and the cost of improvements is estimated at $500,000. An $825,000 loan has already been approved by Forward Financial Bank and an application has been sent in to RBF Economic Development in the amount of $100,000.
All of this was brought up at a recent Economic Development Commission meeting back on December 16th. They originally asked for a $100,000 grant from Economic Development, but they reduced it to $50,000. They also made a recommendation that the Listeman Foundation be asked for an additional $50,000. It was also decided that if the business opens and is sold in within 10 years, the city will get its money back. They must also hire the 10 employees and full time nurse the promised in their proposal or they'll have to pay money back to the city. An added bonus to this deal is that the building will be put on Neillsville tax roll as currently it's not
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