MONROE - Some citizens objected last month to trading a 220-space downtown parking ramp for a proposed 56-unit senior housing project.
But now the city has found an alternative location. And Mayor Bill Ross wants citizens' input on Nov. 3, when Silverstone Partners, Inc. unveils its new proposal for a city-owned parking lot on the corner of 16th Avenue and 8th Street.
The plan has a number of advantages over the original proposal. The city would still lose at least 77 parking spaces near downtown but the lot would accommodate a larger senior housing project, cost less, and potentially bring $300,000 more into the struggling TIF No. 7 revenue over the life of the TIF.
Both sides have may won with the new proposal. The alternative site also "works out better" for Silverstone Partners, Inc., said Tom Sather, president of the development firm proposing the project.
It's larger than the previous ramp site, allowing Silverstone to build 62 units instead of the originally proposed 56. The complex would still have underground parking for residents.
Sather met Thursday with Ross, several department heads, and Pam Christopher, executive director of Monroe Chamber of Commerce and Industry, to discuss details of the project.
He said if the city agreed to include a secondary parking area with 22 parking spots, located east of the main lot, it would be used to create a garden spot for the complex. Emergency and delivery vehicles would also have access to the backs of commercial buildings and the Green County Historical Society Museum along 9th Avenue.
The housing project originally proposed for the parking ramp location called for the city to donate the ramp and about $350,000 for its demolition.
The ramp's assessed value is unknown, because it is owned by the city.
The new location cuts the city's contribution almost in half, Sather said.
The city property at its appraised value would be considered an "in-kind" contribution toward the project.
Wisconsin Housing and Economic Development Authority (WHEDA) would add points to Silverstone's project application for the city's contributions and for its use of Tax Increment District funds.
The more the city participates in the project, the more likely WHEDA will be in awarding tax credits toward the Silverstone project, Sather explained. Without WHEDA tax credits, the project would most likely die, he added.
The new $7.4 million senior housing project would most likely face 16th Avenue, with a drop off/pick up area in front of the building.
But now the city has found an alternative location. And Mayor Bill Ross wants citizens' input on Nov. 3, when Silverstone Partners, Inc. unveils its new proposal for a city-owned parking lot on the corner of 16th Avenue and 8th Street.
The plan has a number of advantages over the original proposal. The city would still lose at least 77 parking spaces near downtown but the lot would accommodate a larger senior housing project, cost less, and potentially bring $300,000 more into the struggling TIF No. 7 revenue over the life of the TIF.
Both sides have may won with the new proposal. The alternative site also "works out better" for Silverstone Partners, Inc., said Tom Sather, president of the development firm proposing the project.
It's larger than the previous ramp site, allowing Silverstone to build 62 units instead of the originally proposed 56. The complex would still have underground parking for residents.
Sather met Thursday with Ross, several department heads, and Pam Christopher, executive director of Monroe Chamber of Commerce and Industry, to discuss details of the project.
He said if the city agreed to include a secondary parking area with 22 parking spots, located east of the main lot, it would be used to create a garden spot for the complex. Emergency and delivery vehicles would also have access to the backs of commercial buildings and the Green County Historical Society Museum along 9th Avenue.
The housing project originally proposed for the parking ramp location called for the city to donate the ramp and about $350,000 for its demolition.
The ramp's assessed value is unknown, because it is owned by the city.
The new location cuts the city's contribution almost in half, Sather said.
The city property at its appraised value would be considered an "in-kind" contribution toward the project.
Wisconsin Housing and Economic Development Authority (WHEDA) would add points to Silverstone's project application for the city's contributions and for its use of Tax Increment District funds.
The more the city participates in the project, the more likely WHEDA will be in awarding tax credits toward the Silverstone project, Sather explained. Without WHEDA tax credits, the project would most likely die, he added.
The new $7.4 million senior housing project would most likely face 16th Avenue, with a drop off/pick up area in front of the building.