Aldermen approve funding to explore possible development
Council holds its last meeting at City Hall Plaza
By Hub City Times staff
MARSHFIELD – The site of Marshfield’s former KC Hall is closer to getting new life. The Marshfield Common Council voted Nov. 13 to spend up to $15,000 for Madison-based Redevelopment Resources to help the city create a tax increment financing district for the 3.5-acre parcel at 400 West Upham St., Marshfield.
City Administrator Steve Barg says Redevelopment Resources will also help the city analyze any new developments proposed for the property.
“The city has oftentimes had to struggle in closed session with the idea of, let’s say a company says we want X amount of money to make this work,” Barg said. “Well, you look at their financials; they give it all to you – here’s what we have; here’s what we are asking for; here’s how much of our own money we are putting in; here’s how big the bank loan is. How do we decide what’s fair for them to ask for from us?
“As part of what this person does, this person is going to look at the project or the proposal and let the council know in closed session – here’s what I think it is worth to you guys in terms of tax revenue versus what you are giving and give us an assessment to help us determine what level of assistance might be warranted.”
Barg said the city has been approached by a developer about a specific project.
“So, somebody wants to buy that property and redevelop it, and they are looking for some financial assistance from the city to make their project work. I wish I could talk about it. I am excited about it, but at this point it still can’t be released publicly.”
The property includes the former 154,000 square-foot Knights of Columbus Hall owned by the John Eisen Corporation. As a KC Hall, Barg said the parcel is tax exempt, but will now be coming on the tax rolls as a new development takes shape.
The Nov. 13 meeting was also the end of an era for City Hall Plaza, as the Marshfield Common Council held its final meeting in the former Marshfield Clinic and Figi’s, Inc headquarters. Barg said the new City Hall in the former Forward Bank building across the street is now ready to host city meetings and that will start next week.