Neighbors’ petition doesn’t sway housing plan
By Gene Kemmeter
The Stevens Point Finance Committee accepted a development agreement Monday, Feb. 12, between the city and D-J Rice Development LLC for a residential development at 525 Fourth Ave., the existing site of the former Grant School site.
The proposed development calls for the construction of 20 residential units in 10 buildings (duplexes) within 36 months, with a total assessed valuation of $2.7 million.
In return the city will construct an alley and utility improvements to the property line, with the developer paying for the improvements through deferred assessments, plus guaranteeing property tax payments of not less than $25,000 per year for the first 10 years after completion.
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