RDA approves North Barstow revitalization plan
Posted: March 9, 2007
The City of Eau Claire Redevelopment Authority (RDA) this week approved a plan to participate in the revitalization of the North Barstow District by providing funding for infrastructure and creating incentives to the developers for completing the first phase of the project in a timely manner.
"The community will get new buildings worth at least $9.7 million. There will be 88,000 square feet of residential space, which equals 80 units, 30,000 square feet of retail and 6,000 square feet of office space," said City of Eau Claire Economic Development Specialist Mike Schatz, who added that the first phase involves a two block area with Madison Street to the north, Wisconsin Street to the south, Barstow Street to the east and the Chippewa River to the west. The developers will also pay $600,000 for the land to be paid over a 10-year period.
The developers, Michael Lander of Minneapolis, and Geoff Moeding of Eau Claire, have formed Phoenix Park LLC. Schatz said the RDA will provide a cash incentive of $200,000 if the developers attract a grocery store and $100,000 to provide adequate parking.
"The City of Eau Claire has built in an incentive of $900,000 of new tax incremental finance (TIF) district money which the developers are eligible to receive as they complete the first phase. Another $1.3 million of TIF money will be used for streets, water and sewer. A very important component of this is that this is all paid for by the TIF. No taxpayer dollars are going directly to this project," said Schatz.
In addition to approving the development agreement, the RDA also granted Lander and Moeding the exclusive right to negotiate an agreement for the second phase of the plan, which involves the next two blocks to the south of the first phase.
"I think the developer is very confident that he can obtain these incentives and he is anxious to finalize another development agreement for the next phase," said Schatz. TBL