2 development projects on track, but delayed, city says

Former hospital property development, downtown chiropractic center on hold until May
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Two development projects that had been expected to go before the Shawano Common Council onWednesday were put off until a later meeting while details continue to be worked out, according to City Administrator Eddie Sheppard.

The pending projects, which are still on track but delayed, according to Sheppard, include the long-awaited development agreement for a luxury apartment complex at the former Shawano Medical Center property and a proposed chiropractic center at a long-vacant property on South Main Street.

The city is considering a development agreement between the Shawano Redevelopment Authority and Cornerstone Chiropractic and Wellness, LLC, for the property at 153 S. Main St.

According to the proposed agreement, Cornerstone anticipates remodeling and renovation of the property at 153 S. Main St. by Oct. 1 and expects to put $863,000 into the project, including purchase of the property, demolition and construction, medical equipment and an operating line of credit.

The Redevelopment Authority would provide Cornerstone with an $80,000 grant using funds from the city’s Tax Incremental Finance District 4.

The grant is subject to “substantial completion” of the project and documentation of Cornerstone’s actual investment in the project, according to the proposed agreement.

The RDA would also provide Cornerstone with a low-interest loan of $175,000 that would be paid back over the next 10 years.

Sheppard said Cornerstone is “needing more time to pull their information together before they’re ready to go forward.”

The agreement could be on the agenda for the council’s reorganizational meeting Tuesday but more likely on the May agenda.

“They’re working with their folks on their end to make sure they’ve got everything in place,” Sheppard said.

Sheppard also provided council members with an update in closed session Wednesday on the other development project.

Tadych Investment Partners LLC of Green Bay is proposing buying the former Shawano Medical Center property for $500,000 for a luxury apartment complex.

“We’re still moving in the right direction with the Tadych proposal,” Sheppard said, adding that Tadych is working on finalizing the terms for private financing of the project that are in line with a proposed development agreement.

“There’s a couple of issues we need to lock in on the development agreement before we can move forward,” Sheppard said.

He said the city hopes to have that item on the council’s agenda in May.