Marshfield Plan Commission approves creation of hotel TIF district
Development to be a Hampton Inn
By Hub City Times staff
MARSHFIELD – On Dec. 18, Marshfield’s Plan Commission approved the creation of Tax Increment Financing (TIF) District No. 12 for the development of a multi-million dollar hotel development on the former site of the Knights of Columbus Hall.
The preliminary plan calls for the eventual development of a $5.2 million, 86-room hotel to be built on the 3.5 acre parcel at 400 West Upham St., Marshfield.
The plan calls for the city to assist financially in getting the site ready for the new hotel. The old Knights of Columbus 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 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 $128,000 a year for 20 years, with final payback achieved in 2040.
After a public hearing on Dec. 18 and approval by the city’s Plan Commission meeting the same night, the council will next need to sign off on the creation of the district in order for the project to move forward.
“The next step (is) for the Council to consider approval to create the TID on Jan. 8, followed the next morning by the Joint Review Board gathering to give the final approval,” said City Administrator Steve Barg. “Assuming this occurs, the next step (public) after that would be consideration of a conditional use permit for the hotel, which is where area residents will receive notice and have the chance to raise any questions/concerns about the actual hotel project itself, including possible impact to their properties/neighborhood.”
Following the Plan Commission’s approval of TIF district creation, city officials announced the name of the proposed developer – Prairie Lodging LLC. If given final approval, the company will construct a Hampton Inn on the former KC Hall site.