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Commission approves tax‑fixing agreement for 339 Main Street redevelopment
Summary
The commission approved a real‑estate assessment‑fixing agreement for a planned conversion of 339 Main Street to mixed use; the developer commits a minimum $6 million investment and a phased tax‑deferral schedule was described. The ordinance will go to the Common Council for final action.
The General Counsel Commission voted unanimously to approve a real‑estate tax‑fixing agreement aimed at supporting a conversion of 339 Main Street into a mixed‑use development.
Director Marks told the commission the project carries a minimum investment of $6,000,000 (not including property acquisition) and leverages prior planning and zoning approvals. He described the proposal as a commercial‑to‑residential conversion that will include an elevator, secured parking and other improvements intended to revitalize the property.
The draft agreement embeds a phased tax‑deferral schedule intended to encourage investment; marks of the schedule were described in the packet and discussed during the meeting (the presenter listed stepped percentages across years as part of the deferral schedule). Commissioners said they had reviewed the materials at the Economic Development Commission and encountered no outstanding questions during the commission discussion.
Quote: "They are ready to go," Director Marks said of the developer and the team's prior development experience.
Vote and next step: Commissioners moved and seconded approval of the ordinance and the motion carried unanimously. Staff said the finalized agreement will be forwarded to the Common Council as part of the city's routine legislative process for the council's consideration.
Ending: The commission approved the agreement and noted the developer will next present the package for final council review and any implementation steps after council action.
