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Council backs TID development agreement for multiuse project at 310 W. Wolf River Ave
Summary
The council approved a TID development agreement related to a proposed multiuse project at 310 West Wolf River Avenue; the agreement would allow up to 50% reimbursement of increment funding capped at $300,000 and the developer expects to start by December 2025.
The New London Common Council voted 9-0 on May 20 to approve consideration of a tax-increment financing (TID) development agreement for a proposed multiuse development at 310 West Wolf River Avenue.
The project, presented to the economic development committee, calls for two six-unit apartment buildings, one of which would include first-floor commercial space. Administrator Hirth told the committee the developer “intends to begin the project by December 2025 and be completed by June of 2027.” The proposed TID grant in the development agreement would allow reimbursement of 50% of increment financing up to a $300,000 cap, according to the committee report presented to council.
Why it matters: The development would add residential units and ground-floor commercial space downtown, with public TID dollars used to reimburse a share of project-eligible costs. The economic development committee recommended the agreement and the council approved the motion to consider the TID agreement at the meeting.
Committee discussion and staff notes show the parcel descriptions in the draft agreement were left blank pending the combination of two lots; the developer’s timetable and the proposed financing ceiling were included in committee materials. The council’s vote authorized the city to move forward with the TID agreement as presented; any final TID disbursements will be subject to the terms of the signed development agreement and availability of increment funds.
