elocon cream over the counter caffeine and breastfeeding coffee noroxin shampoo for hair viagra commercial actress blue dress 2014 betnesol soluble tablets insurance wont cover cialis adderall side effects in adults without adhd maxalt mlt 10mg side effects generic viagra usa canada restonite reviews on 50 subscribe viagra vipps online pharmacies for viagra metallica songs youtube resultado vestibular fafipar 2014 imovane 7 5mg information now stromectol gale ordonnance epamin drugs amoxicillin rash picture infant indinavir sulfate lipitor side effects muscle pain in legs online pharmacy without a prescription losartan potassium 100 mg tablet picture where to buy procalisx pills with paypal piroxicam 20mg capsules dose mail online wellbutrin nitrofurantoin delivered overnight eulexin medication list seroquel xr side effects synthroid 175 mcg buy no prescription pulmicort behavioral side effects in children viagra for men sales in canada antibiotics for urinary tract infection in children letrozole 2.5mg success clavaseptin antibiotic buy oxycontin mexico pharmacy where to get alli duetact medication information whats the shelf life for cialis virectin ingredients in nyquil pentrexyl 500 mg capsules drugstore buy cialis online without prescription doxycycline side effects buy alli refill atrovent nasal spray and vasomotor rhinitis androgel testosterone gel for sale indomethacin 50mg capsules 200 mg viagra for sale ambien money pak viagra pharmacy vipps female viagra pills in hyderabad alli diet canada bonadoxina pfizer dosis pastillas para ovular hytrin generic brand pravachol and grapefruit interaction cefixime for sale trazodone sleep medication femara drug viagra insurance online buy omeprazole uk bentyl dosage for dogs gpchealth reviews of 50 metazole creamy carprofen 100mg dogs diazepam 2mg picture viagra hard on all pills shop review zovirax medication cost insulin injection sites for dogs dapoxetine priligy canadian store cipro 500mg best prices vicodin addiction symptoms addicted abana blacksmith ga vigrande nedirinse buy viagra negril buy inhalers over the counter amikacin drug dose crestor online without prescripton clopidogrel side effects stroke viagra wonderful special for men generic tadalafil 5mg puchase evista internet pharmacy quick delivery cialis dose size baytril antibiotic for cattle whole healthy man cialis voltaren topical gel reviews endo pharmaceuticals lidoderm patch coupons diflucan side effects alcohol lincocin injection lincomycin cheap cialis online pharmacy terramicina oftalmica pfizer benicar generic release date torsemide side effects demadex 435 online pharmacy without script cialis originale farmacia online vidalta tablets gabapentin without rx flagyl 400mg tablets dosage flucomed 150 mg tramadol zetia 10 mg generic diclobru tablets for toddlers flomax dosage for kidney stone order bentyl without rx viagra online fast delivery zantac side effects ranitidine rhinocort aquano prescription phenergan online viagra para mujeres casero carprofen 100 mg dogs buy vibramicen in australia novartis clozaril national registry watsons pharmacy hong kong buying viagra in uk shops cholesterol tests and alcohol zopiclone 7.5mg overdose zoloft weight loss zoloft side effects cefabiot 500mg metronidazole fincar reviews tablet discount rx meds trimetabol posologie pediatric digoxin toxicity level where to buy nizagra online how much is viagra in canada indocin gout medication order zyprexa for anxiety buy nexium no prescription get free samples viagra on amazon viagra venta en usa dicyclomine 20 mg tablets at walmart increasing metabolism supplements ondansetron buy prurivet kaufen human alliance soundwave herbal alternative to lisinopril what types of viagra are there saroten 10 mg rogaine side effects rogaine for women naprosyn 500 mg tablets buy orlistat over the counter tadapox available in kerala university dove posso comprare il kamagra tenormin 50mg metrogel 1 for rosacea buy cirpro pills avapro side effects forum generic viagra pay with paypal online buy viagra ae trimox delivered in 3 days top pills that get you high glucophage side effects doctor shop online cifixime pay with echeck tabletten oynanan oyunlar indir amermycin 100mg viagra amerimedrx fake eyelashes 24 hr canadian pharcemy meclizine for vertigo dosage flonase nasal spray side effects half mile pharmacy canada costco photo center login prints hydroxyzine hcl 25 mg tablet side effects terbinafine cream for bacterial infection premitzen codeine how to order roaccutane in the usa ritalin side effects in adults diarrhea dilantin pain killer mg diarex pro series silicone molds pinkviagra to buy in australia walgreens photo coupon code discounts antibodies without a precription mobic side effects meloxicam best mexican pharmacies metazole cream of mushroom obat sikotec area surabaya famciclovir dose in cats actos medication assistance program diclofenac sodium topical gel 1 lotemax gel bottle size actavis for sale viagra alternatives cialis software engineer salary at apple pletal side effects medications magnesium chloride ice melt fentanyl patch dosage citrate sildenafil cheap viagra without subscription minocin side effects hair loss order online synthroid with master card buy viagra pfizer temovate scalp application letter coumadin vitamin k foods to avoid reichlox capsule cam buy birth control online us pravastatin medication bactroban cream uses treatment why is there a shortage of bystolic lantus with out rx rocket launch schedule who is salzarex pharmaceuticals otomax no prescription no prescription drugs canada ranigast skutki uboczne amfetaminy dyazide generic doxycycline for dogs dosage seroquel dosage for children depakote and weight gain decadron dosage for allergic reaction zovirax side effects oral jelly how often should a man ejaculate genuine viagra uk proviron mesterolone side effects duphaston 10mg dydrogesterone film minomycin 50mg reglan medication for cats confido reviews cheap orlistat zocor medication patient assistance albendazole dosage for adults fertility drugs online canada orderpharma uk basketball doxycycline for dogs antibiotic treatment vetinary non perscription antibiotics benadryl ingredients children metformin drug store canada xenical reviews 2012 balranald shire council ramipril 5mg price at walmart cialis for sale on line zentel albendazole dosage is primatene available in mexico proscar to uk without prescription prescriptions medications online irbesartan generics risperdal lawsuit 2013 speedy rx meds can metformin be taken when mensurating sildenafil citrate 100mg pills side effects duphaston pregnancy dydrogesterone diclofenaco sodico 100mg xenical no prescription needed cicloferon aciclovir 400 mg increasing lung capacity buy tylenol 4 online aciclovir tablets en espanol cyproheptadine weight gain leponex drug premarin without prescription canada furosemide 40 mg kmart pharmacy generic drug list 2012 consumer report buying viagra on line cardizem side effects with cats garrigue pronunciation viagra discounter tiotropium bromide price content validity definition isoniazid pronunciation of english words tamoxifen alternatives for premenopausal women nasonex nasal spray side effects for children starcef cefixime tablets zoloft and alcohol zoloft side effects avodart side effects incontinence mentat himalaya side effects zantac for infants over the counter doxylamine succinate dosage viagara paypal digoxin side effects digoxin toxicity robaxin 500mg flagyl over counter walgreens generika drugstore franchise rxdrugstore phentermine adipex perlutex 5 mg non prescriptionalloprinol pharmacy near metairie la cenveo message board nyse salbutamol information dose eli lilly cialis renagel prescribing information where can i get metformin online microcidal 500mg amoxicillin zyprexa lawsuits order blue viagra frim usa to uk meprate to start period 2 lasuna pantsapreneur duvadilan drug study isoxsuprine sofilex wikia viamax gold prices bupropion online feldene gel piroxicamfeldene gel .5 .60 sotalex medicine ball levemir vs lantus conversion cozaar no prescription fluconazole 150mg for men lincocin aquadrops for dogs baytril antibiotic for dogs brand name viagra 100 mg where can i buy prednisone online research chemicals usa cialis pill lokk like cymbalta and neurontin and weight gain lantus insulin dosage chart tetrocycline vs doxycycline order sureway transportation agent access flagyl for body odor meclizine 12.5mg tablets over the counter us pharmacies ed pills cordarone drug classification liposafe ingredients in tylenol manfaat elocon cyproheptadine pour chat entocort budesonide side effects adalat retard xix chat kosovarja alphagan ophthalmic solution 0.15 cialis shopping rhineinc in zolpidem side effects doctor terbinafine oral medication for sale zyvoxid posologie ibuprofene revista vistazo lamisil pills for sale amazon arava medication for rheumatoid arthritis cfc free primatine mist buy mebendazole over the counter cialis coupon walgreens cialis soft tablet eldepryl side effects nasonex nasal spray coupons how to buy cytotec online unprescribed viagra wlik viagra levoxyl recall 2008 colchicine on amazon online zoloft vicodin withdrawal symptoms drug citalopram 40mg side effects where can i buy periactin acheter du nizagara en ligne alfuzosin hcl er 10 mg tablet side effects olmesartan amlodipine side effects fentanyl side effects order lasix fast flexidol tabletop duetact 30 2 mg tabletduphalac atosil tropfen beipackzettel ciprofloxacin ciprodex shelf life dairy doxyhexal diarrhea apetamin syrup online ospamox 250 mg nitrazepam dosage for melatonin seroflo diskushernija zovirax ointment price diet pills review pfizer closing stock price today coversyl 5mg tablets bisoprolol 5mg secure online pharmacy prednisone no rx chloroquine dosage for malaria acyclovir overnight generic viagra quickest shipping generic pills shop review best place to buy valtrex online lisinopril side effects medication 40 diltiazem side effects doctor zovirax acyclovir medication side effects buy buspar buy danasol online uk brittle asthma life expectancy pilocarpine drug walmart coumadin blood thinner levels rythmol propafenone dosage cozaar generic drug name where do i buy lipothin pramipexole 0.125 mg tablets pay for cialis with paypal buy xanax bars online no prescription azithromycin tablets with the tamiflu mirapex lawsuit gambling flomax without rx over the counter tricor para que sirve el flagyl vilches s.a mail order generic meds from india vipps approved canadian pharmacies phexin az lottery amlodipine 5mg buy brandcialis usa online pharmacy gabapentin powder online colchicine treatment side effects keftab cephalexin 500mg does clomid pills melt cysts vagiral ovulos zineryt lotion buy cialis purchase online canada best price viagra etabus side effects viagra per donne in gocce medoflucon 50 states canadian pharmacy percocet bystolic 10 mg coupons buy strattera implicane 50 mg precose medication acarbose cheap indian doxycycline buy lasix online canada viprogra professional supplement nonpersription colchine best site to buy viagra in canada canadian pharmacy testim sominex sleep aid dosage pregnant pictures of kourtney kardashian clindamicina pretzel condyline pretzel where to buy domperidone online generic allegra d viagra sold in the us only arthritis of the spine and neck diamox medication uses euthyrox 50mg side effects pharmacy stockton blvd sacramento desyrel side effects online fluoxetine without prescriptions sureway cab in chicago il buy aciphex from canada no script polarmeds reviews on fifty binozyt antibiotic for uti buy viagra in london england ibuprofen and alcohol use synthroid shopping online pharmacy no prescription doctors spiriva side effects high blood pressure insulin resistance symptoms in women atarax medicine for dogs no prescription generic crestor fluconazole for yeast infection dosage does zoloft cause weight gain mail order levitra healthy man viagra xm radio insulin side effects itching zenegra 100 mg puppies for sale in indiana minoxidil for women walgreens tamsulosin hcl 0.4mg cap $ 99 00 viagra pravachol side effects dizziness cardura 2mg blog advantage one federal credit union best 10 viagra sites albuterol inhaler dosages cheap lipitor usa rimadyl 100mg chewable canada trental side effects dose viagra 100 mg price how to buy cheap abortion pill online sertraline hydrochloride bootleg cialis ibuprofen side effects in women cialis 5 mg daily success indocin 50mg pills canadian meds paypal next best thing to viagra premarin coupon printable coupons pramipexole dosage range dose of zovirax for cold sores periactin weight gain in children vytorin coupons zetia coversyl perindopril percription drugs sales viagra mail order cockapoo puppies for sale available cockapoo breeders natural viagra replacement levitra professional cheapest what is sibutramine side effects corega denture adhesive revatio 20 mg for erectile dysfunction canadian cialis aspirin dosage for dogs dose best places to buy generic viagra cipralex antidepressant dosage hong kong online pharmacy viagra sans ordonnance buspirone 15 mg side effects cialis on line sales dalacin c 300mg dosage online pharmacy shipping to xanada cialis vs generic vitamix soup recipes canadian pharmacy female viagra farmacie a san marino levitra bayer dostinex 0 5 mg kaufen ritalin weight loss sky pharmacy uk canadian health mall meds viagra free delivery advantage real estate moberly mo hydrochlorothiazide 25 mg order on line benicar side effects medications apcalis jelly reviews nolvadex dosages orderpharma reviews successful socialist countries
Share this page on facebook
City agrees to negotiate incentives for developer PDF Print E-mail
Community
Written by KRISTYN HALBIG ZIEHM   
Wednesday, 31 July 2013 17:51

Port council will consider loan to subsidize downtown redevelopment project

    Port Washington developer Gertjan van den Broek on Monday asked the Common Council to finance as much as 20% of his $6 to $7 million project to renovate the former M&I Bank and Harry’s Restaurant buildings in downtown and create a multi-million-dollar retail and luxury residential development.

    After a closed session that lasted more than an hour, aldermen agreed that the idea is worth exploring. They voted to apply for a $250,000 State Trust Fund loan to help finance the renovations to the former bank building — the first phase of van den Broek’s project.

    Financing for the second phase of the project will be discussed later, officials said.

    However, aldermen stressed that their action Monday does not commit the city to the loan, something they will only do if they can successfully negotiate terms with van den Broek.

    Mayor Tom Mlada said Tuesday those terms will likely revolve around ways to mitigate any risk for taxpayers.

    “We need to make sure we’ve got protections in place for the taxpayers,” he said.

    The city will likely find out if it would receive a Trust Fund Loan in about a month, City Administrator Mark Grams said. A final decision on the phase one incentives would come after that.

    The city is considering a Trust Fund Loan rather than conventional municipal financing because it is a quicker, simpler process, Grams said. The interest rate would likely be a little higher than the city would otherwise get, but the cost of obtaining the funds is less.

    Widely used in other communities, developer incentives are typically considered to be an investment by the community, which gets a return through the increased taxes on the project.

    In Port’s case, they were approved as part of the city’s downtown tax incremental financing district several years ago as a way to help promote large-scale projects.

    If approved, van den Broek’s Harbour Lights Condominium project would be the first time Port used incentives to help fund a private project.

    Ald. Mike Ehrlich said Tuesday that the benefits to downtown make this project one to consider for the incentive program.        “I think it’s worth exploring the options,” he said. “I think it’s a good project. It’s significant and could jump start other investments downtown.

    “We want to do everything we can within reason to work with the developer. But clearly the council won’t just jump into something without reassurances. We have to be careful, because at the end of the day, we have to answer to the taxpayers. There’s a lot of negotiating to do.”

    Ald. Paul Neumyer said he’s not sure whether development incentives are the way to go, but he’s willing to consider them.

    “I still have a lot of unanswered questions if it’s in the best interest of the taxpayers of the City of Port Washington,” he said. “We’re not committed to anything yet.”

    There is a lot of potential good that could result from the project, Mlada said, and that’s one reason the council should consider the incentives.

    “There’s a lot to like about it,” he said. “Long-term, you could be talking about a return of a sizeable increment (increase in the tax base).”

    Even the strongest developer can fail, Mlada said, citing the case of Brookfield developer Vincent Kuttemperoor, whose plans to build a sprawling luxury development on the city’s south side fell victim to the economic slowdown. Banks foreclosed on the hundreds of acres Kuttemperoor owned and are now trying to sell them.

    Van den Broek, representing Renew Port Holdings 1 LLC, plans to renovate the two buildings and constructing a new structure between them. The buildings would house five commercial spaces and 13 residential units that feature rooftop terraces, balconies and underground parking accessed from a lake-side municipal parking lot.

    The units range in price from $239,000 to $895,000 for two 2,750-square-foot penthouses that feature 18-foot ceilings and  private rooftop gardens, van den Broek said.

    A small park would also be created along Franklin Street in front of the new building.

    Feasibility and market studies were used to refine the concept, van den Broek said, and led him to increase the size of the units, decrease the size of the lakeside decks and emphasize soundproofing between the units.

    There is a demand for high-quality residential units in the city, van den Broek said, and for high-quality residential units along the lake throughout the region.

    “The project is viable on paper,” he told aldermen. “The feasibility is there. It works best as a public-private partnership.”

    Van den Broek asked the council to help fund each of the two phases of his project.

    He requested $250,000 be available in September to help finance the first phase — renovation of the former M&I Bank building. That work could begin this fall and be completed by spring.

    Van den Broek did not have a dollar figure for the subsidy needed for the second phase, saying that would depend on the project budget.

    The total incentive, including the funding for phase one, would be 15% to 20% of the project cost, he said. The remainder of the financing would come from banks and other sources.

    The city funding for phase two would be contingent on a number of items, including Renew Port Holdings’ obtaining financing for the entire project, Plan commission approval and the completion of phase one, van den Broek said.

    Van den Broek called the city funding critical to the project.

    “It would show a very strong commitment for the next steps of the project,” he said, and “take the project from paper to reality.

    “The condo market is a tough market. Port Washington is also considered a tough market. This project would stand a better chance of success with TIF funding.”

    The city’s funding would show a level of investment and commitment that could draw other investors to the project, he added.

    An analysis by the city shows that the increased downtown tax base and the additional taxes generated by it would not only pay for the funds he’s requesting but offer a net return
for the city, van den Broek said.

    In addition to adding $6 million to the downtown tax base, he said, the development would add 10,000 square feet of commercial space and bring people to the central shopping district.

    “We truly believe this mixed use development downtown, in this particular location, is going to be a catalyst for downtown development,” van den Broek said.

    Retail uses follow residential development, he said, and this will draw the residents needed to bring more shops downtown.

    If the city only approves the $250,000 to fund the renovations to the former bank, van den Broek said, he would move ahead with that work, creating both residential and retail space.

    “Obviously we want it to be part of the bigger project, but I certainly don’t intend for that building to sit vacant,” he said, adding he already has several potential tenants for the commercial space in the former bank.

   

Comments (0)Add Comment

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy
 
advertisement
Banner
Banner