Marshfield May Get Multi-Million Dollar Hotel Development
Tuesday, December 11th, 2018 -- 8:00 AM
(WDLB) -The city of Marshfield may be getting a multi-million dollar hotel development near the city's world-class medical complex.The city's Joint Review Board heard preliminary details yesterday regarding plans to create a tax incremental financing district for the proposed development on the site of the former Knights of Columbus Hall. Kristen Fish from Madison-based Redevelopment Resources presented a preliminary plan which calls for the eventual development of a five-point-two million dollar, 86-room hotel to be built on the three-and-a-half acre parcel at 400 West Upham Street. The city had recently been approached by a developer about the hotel project. A developer and national hotel chain were not disclosed to the Joint Review Board during the Monday meeting. The plan calls for the city to assist financially in getting the site ready for the new hotel. The old K-C Hall will need to be demolished, and there will be other site preparation needs along with other improvements. According to the proposed project plan for creating the tax incremental financing district, "the City of Marshfield will need to make significant investments to pay for costs associated with street improvements, utility upgrades and other costs".
Under a list of estimated project costs leading up to the development, the city could be spending up to two-point-four million dollars ($2,436,503) for street improvements, developer incentives and financing. Under a tentative timeline, the city anticipates site improvements and construction starting in 2019. Projections also assume the first tax year for the new development will be 2021. The projections also show any upfront costs incurred by the city will be paid back through property taxes on the new development, and those payments will total nearly 128-thousand dollars ($127, 764) a year for 20 years, with final payback achieved in 2040. The city intends to borrow just over one-point-five million dollars ($1,558,500) in 2019 to get the hotel development off the ground.
The Joint Review Board is made up of representatives from each taxing jurisdiction within the city of Marshfield. That includes the School District of Marshfield, Wood County, Mid State Technical College, the city itself, and a Citizen-At-Large who also represents Marshfield. According to the project plan, "each taxing jurisdiction will benefit from this development with its increased property value, job creation, use of a formerly unproductive and blighted location, and increase in business". The proposal is scheduled for a public hearing in front of the city’s Plan Commission on Tuesday, Dec. 18.
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