By Taylor J. Hale

Staff Writer

PLOVER – At their Aug. 21 meeting, Plover village board members approved a development agreement with Rolly Lokre Development to construct a new 87-unit four-story apartment complex in the vacant parcel behind Great Northern Distillery.

Village leaders also authorized previously discussed TIF No. 4 amendments.

“We received authorization from the village board to do a TIF amendment, so we are doing a project plan amendment in which we would identify this project receiving developer incentives and then amending the expenditures of TIF No. 4 to include Lake Pacawa Park improvements,” said Community Development Administrator Ryan Kernosky.

The changes would allow the new apartment complex development to help fund some of the updates planned for Lake Pacawa Park, including new walkways, utilities, and more. The village projects roughly $1.5 million in usable funds for the park update by the closing date of the expenditure period of TIF No. 4 in 2026 if all goes as planned.

The village entered a payment in lieu of taxes (PILOT) agreement with Lokre on the apartment development with a set minimum assessed value of $8.7 million, or roughly $100,000 per unit in the complex. This means that in the event the development does not assess out at the set value, the developer – Lokre – will be responsible for covering the difference in cost.

A developer incentive payment (DIP) was set at $500,000, payable based on the generated value from the new development. The developer would receive 50 percent of new increment created each year starting in 2021, ending in 2026 when the expenditure period closes.

The developer agreement states that the project must break ground by Nov. 1, and be completed and have a certificate of occupancy no later than Dec. 31, 2020.

Village leaders are excited about the project and the possible funding it may bring to Plover. “It’s a real win-win for the village,” Kernosky said.

Contact Taylor J. Hale at [email protected] with Portage County news and information.