By Paul Schmitt
The Sturgeon Bay Finance and Purchasing Committee approved to amend a development agreement with The Bay Lofts Apartments on Wednesday afternoon. A minimum $5 million assessment was needed for this year to trigger an 85% share back to Bay Lofts to pay back its initial development loan. After discussion and input from City Community Development Director Marty Olejniczak , Chair David Ward made a motion that was approved unanimously to allow the Tax Incremental District (TID) 4 to pay Bay Lofts a share of $74,804.13. He states that the City will still get the expected 15 percent share of $16,118.
Ward says he suspects the roughly $4 million assessment done earlier was based on the fact that the west side apartments were not full at the time. He says the agreement will remain in place and that hopes are the assessed value will increase substantially next year to surpass the $5 million threshold. The recommendation will now go to the Sturgeon Bay City Council at the December 4th meeting for final approval.
The full interview with David Ward after meeting.