Menasha council gives go-ahead for office tower - Appleton Post Crescent
, will build the $12. 6 million office tower on the site of the former Hotel Menasha and former First National Bank at the corner of Main and Mill streets. New tax revenue generated in the TIF district from rising property values — the increment — is diverted from other taxing entities and goes toward paying back project costs. According to the development agreement, the developer will:. The grant is equal to the costs incurred by the developer to buy and demolish the hotel and bank properties. Reimburse the developer $7. 56 million for the construction of the parking ramp and interest costs. Reimburse the developer $383,000 for the maintenance of the parking ramp. Take ownership of the parking ramp in 2043. The developer will retain the right to use the parking ramp for an additional 20 years for a negotiated fee. Source: www.postcrescent.com
