An unnamed investor is looking at an aging downtown Rhinelander building that could eventually see housing and retail in the location.
The former Hext Theater at 25 South Brown Street is being eyed for the development.
Wisconsin Economic and Development Corporation Regional Director Jim Rosenberg told the Rhinelander common council recently he will be asking the city to facilitate funding for the project through WEDC....
"...WEDC has a program that can assist this developer with it. It's the Community Development Investment Grant program. Financial support for shovel ready projects, particular emphasis on downtown community-driven efforts to deliver significant measurable benefits and job opportunities property values and leveraged investment by local and private partners..."
Rosenberg says the city applies for the grant. He says the city's contribution is through the Tax Incremental Financing district. The redevelopment could bring the total value of the project to about $1.5 million in a building now that might be assessed around $100,000...
"Your going to bring in a new revenue stream of about $40,000 in property taxes..."
He says the development also will put the city into a positive cash situation in the TIF district. Rosenberg says if this kind of development spurs other development it will benefit everyone.
He encouraged the council to act soon as the WEDC funding program runs out of money each year about this time. The council is meeting next Monday.
