SEH gets loan to build in downtown Chippewa
Posted: September 14, 2012
The City of Chippewa Falls announced this week that it has reached a development agreement with Short Elliott Hendrick-son (SEH) to provide a $3.5 million, no-interest loan to assist with construction of a new $4.5 million office building on Bridge Street, near the Chippewa River.
"We are on a path that recognizes the great asset that our city center or downtown is," said Chippewa Falls Mayor Greg Hoffman, who added that SEH will become an anchor of the city's downtown revitalization efforts.
According to SEH Senior Principal/Office Manager Tim Marko, the engineering firm is going back to where it started in Chippewa Falls in 1974.
"In 1985, our growth led us to our current location, and now our growth is leading us back downtown," he said.
Chippewa Falls City Planner Jayson Smith said the deal also calls for a $100,000 grant. SEH will acquire the Three Flags parking lot, their future site, for $1.The city may have to contribute more if the current SEH building on Frenette Drive does not sell for at least $660,000.
The city will finance its obligation to the project by taking out a five-year loan. Because of the short duration, the rate on the loan will be modest and hold down the cost of borrowing. Payment on the note will be financed with a combination of Tax Increment Finance (TIF) district revenue generated by the new office building, the SEH annual loan replayment and the use of another TIF district's revenue as needed, said Smith. TBL