Richland Center Tackles Hopes to Improve Housing

Richland Center Economic Development Director, Jasen Glassbrenner, presented an update to the Richland Center City Council on the Panarama development. The City of Richland Center received an application for financial assistance from Jonnathan King, the new developer for Panorama Estates, who took over for Duane Kleinsasser. King was requesting the creation of a Tax Incremental District in the amount of four million dollars. The purpose of the assistance is to develop two buildings which would be an additional 92 apartment units. The proposed project is scheduled to begin this summer at a cost of just over $17.8 million. Ehlers Financial Services did a study of the project. Based on the review, Ehlers found that the project generally meets the expectations of a market rate development. City staff, and Ehlers collaborated with the developer to shift the structure of the TID assistance from an upfront structure to pay-as-you-go. In so doing it was concluded that the TID assistance in the amount of $5.4 million would be payable over the term of the TID which runs through 2045. King also requested fee waivers in the amount of $70,431 and forgiveness of future debt service obligations attributable to the 2017 bonds in connection to the first building at Panorama Estates. A motion was made to accept the terms of the agreements. The motion passed unanimously.

A land acquisition by the City of Richland Center from Hill Country Rentals, LLC which calls for the purchase of seven properties located to the north of Kwik Trip downtown was also approved by the council. The total purchase price for all parcels is $650,000 plus associated costs to close of $25,000. The purchase will be done through two separate closings. Parcels one through six will be purchased with a mid-2024 closing date at a cost of $425,000. Closing two will be for the seventh parcel in early 2025 at a cost of $225,000. Mayor Todd Coppernoll hopes the lots can be developed for both business and housing oppportunities.