Hotel Northland Surprised By Historic Tax Credits Halt
Historic Tax Preservation credits have come to a sudden halt after the Wisconsin Economic Development Corp said demand was much higher than expected.
The W.E.D.C. says it has approved 29 projects totaling $35 million in tax credits, but the Hotel Northland project is not one of them.
For a $35 million dollar project like the Hotel Northland, a 20 percent tax credit is a significant piece of financing and now it may not be available.
"We were surprised, but I think a whole bunch of folks were surprised." says developer Mike Frantz.
He lobbied for a year to increase Wisconsin's Historic Rehabilitation tax credits from 5 to 20 percent.
Titletown Brewing was the first in the state to be approved and the Meyer Theater wasn't far behind.
Frantz had planned to submit the Hotel Northland application by July 15th, never imagining so many developers would apply that the program would end 6 months after it began.
"Well I think that we wish that we would have had our part 2 (of the application) in by now, but the reality is that this is a very complicated project and we had a lot of design work that needed to be done." says Frantz.
But neither he nor the city of Green Bay are worried yet.
"At this point we don't know what this means. It could be just a temporary, you know, 'we got your back nudge nudge wink wink' thing, yeah we know about the Northland," says Green Bay's Economic Development Director Greg Flisram.
"The Hotel Northland was one of the key drivers of this bill and so, as evidenced by the fact that Governor Walker signed the bill into law in the lobby of the Hotel Northland," says Frantz.
So there is still hope, that the Hotel Northland will be able to benefit from the program it helped start.
"It's very gratifying that a program that was launched in the City of Green Bay is so well received statewide but we gotta make sure that our Northland Hotel project gets funded out of this we're going to be working on that this week," says Flisram.
Thursday, August 21 2014 2:04 PM EDT2014-08-21 18:04:09 GMT
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