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City approves development agreement

The Sturgeon Bay City Council approved a development agreement for a lot on the west waterfront on Tuesday.  The WWP Development is putting up a two-story building with a deli or restaurant bar on the first floor.  The developer will make public improvements to the property that is being sold by the city for $1 and apply for a Wisconsin Economic Development Corporation (WEDC) grant to put in the parking lot, lights, and landscaping.  Sturgeon Bay Administrator Josh Van Lieshout says the city’s investment is initially born by the developer.  The city will reimburse the developer on the principal and interest on $625,000 for the life of the TIF district or the retirement of the note.  Van Lieshout compares it to similar development agreements that have been done in the past with the Bayloft Apartment development.  The developer will also purchase a liquor license of $30,000.  The motion to approve the development agreement was unanimous and came after a closed session to deliberate the property transaction.

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