RDA to now work with Riverfront Partners III
Posted: November 2, 2007
The City of Eau Claire Redevelopment Authority (RDA) this week voted 5-2 to switch its allegiance to the downtown revitalization effort and begin working with a new development group, Riverfront Partners III, LLC. City officials have worked the past year exclusively with Mike Lander and Geoff Moeding of Phoenix Parkside, LLC, until those developers could not meet the city's deadlines to begin the $9.7 million project.
Riverfront Partners III, LLC, consists of Dan Clumpner and Stuart Schaefer of Commonweal Development and Dan Market of Market & Johnson Inc. The Eau Claire City Council held a special session yesterday (Thur., Nov. 1st) to act on the RDA's directive. (The city council's vote took place after TBL's Wed., 5pm deadline). If the council approves the Riverfront Partners development agreement, the deal is expected to close Nov. 7, 2007.
"I think the RDA felt, from a performance and financial strength standpoint, that Riverfront Partners can do the project the way it's been proposed and can move the project forward as outlined in the development agreement," said City of Eau Claire Economic Development Specialist Mike Schatz, who added that both development proposals were similar in terms of conditions.
Schatz said the Lander-Moeding plan included a requested change to the city's development agreement with regard to the creation of multiple tax incremental finance (TIF) districts that would allow Phoenix Parkside, LLC, to spread the risk among different phases of the long-term project.
Schaefer and Clumpner declined to discuss the RDA's decision since the city council had not formally approved the development agreement.
The two-block area targeted for development in the North Barstow district must produce at least $9.7 million in increased property value during the first phase of the three-phase project by Jan. 1, 2010. TBL