Silver Leaf Group Gets Financing Approval For Proposed Waite Park Hotels
WAITE PARK -- The proposed two-hotel and conference center planned for Waite Park moved one step closer this (Monday) evening.
The Waite Park city council unanimously approved a development agreement with the Silver Leaf Group, which includes $4.2 million in tax-increment financing (or TIF), over a 20-year term.
The TIF agreement allows Silver Leaf to capture the increased property tax revenue from the new development, over a certain period of time, to help offset redevelopment costs.
City Administrator Shauna Johnson says with the funding agreement there is still several more steps, included the closure of the mobile home park.
"One other step that we have to do, because the land owners have decided to close the mobile home park we are required to hold a public hearing. We wanted to wait till after this agreement for that because it will provide those residents additional benefits moving forward," says Johnson.
A public hearing on the closure of the mobile home park may be scheduled for either late March or early April.
The city is also working with relocation consultant Dan Wilson to help work with the residents to give them all their options through this process.
The proposed $28-million project would stretch from Division Street at the corner of 6th Avenue South down to 4th Avenue South.
The Silver Leaf project is one of two hotel projects planned for Waite Park. A 90-room Staybridge Suites extended-stay hotel and a 120-room Holiday Inn, including a restaurant and bar is planned for construction along Highway 23 near Menards.