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Monroe council approves development agreement for downtown Eugene Hotel renovation using WEDC grant
Summary
The City of Monroe approved a development agreement with Soca Properties LLC tied to a Wisconsin Economic Development Corporation Community Development Investment grant to help renovate the historic former Eugene Hotel at 1027 16th Ave; the city will act as a pass-through and staff were authorized to execute the agreement.
The City of Monroe Common Council on Dec. 16 approved a development agreement with Soca Properties LLC to support renovation of the large, visible building at 1027 16th Ave, historically known as the Eugene Hotel, using a WEDC Community Development Investment (CDI) grant.
The agreement, offered by the Finance and Taxation Committee, authorizes the city administrator and city clerk to execute the contract and directs the city administrator, city clerk and city attorney to take actions reasonably necessary to fulfill the city's obligations under the agreement. The property is zoned commercial; the developer proposes extensive renovation to return the building to use as the Eugene Hotel with short- and medium-term rentals and some longer-term apartments.
"The property has been underutilized for many years and needs updates and remodeling," a staff member reading the resolution said while presenting the item. Councilmember (questioner) asked whether this agreement was the only one expected, noting potential additional agreements tied to TID support; a staff response clarified this agreement is specifically for the WEDC grant and is structured as a pass-through for state funds, with any Tax Increment District (TID) support to be considered separately by Finance & Taxation.
The resolution describes WEDC's CDI program as providing up to $250,000 per project for shovel-ready projects that support downtown and community-driven redevelopment efforts. The council voted to approve the development agreement during the same meeting.
The council recorded the motion and second and the clerk conducted a roll call; the measure passed. The city will proceed with executing the agreement and coordinating the grant reimbursement process with the developer and WEDC.
