The Tomah City Council will discuss making changes to the builder’s agreement between the city of Tomah and 3rd Gen LLC during its the Committee of the Whole meeting Monday, Jan. 7 at 6:30 p.m.
The committee meets in the council chambers at city hall, and the council holds its regular monthly meeting Tuesday, Jan. 8 at 6:15 p.m.
A builder’s agreement was struck between the city and 3rd Gen LLC in March to provide $1.25 million for building assistance via Tax Incremental Finance District 8 to be paid to 3rd Gen upon the city receiving a certificate of occupancy.
The proposed change to the agreement is to increase the amount from $1.25 million to $1.5 million, using the $250,000 grant awarded to the city by the Wisconsin Economic Development Corporation for community development.
The resolution said the change is needed because 3rd Gen was under the belief that the total assistance was $1.5 million rather than $1.25 million, and it based the construction costs and loan information on that amount.
In other business the council will discuss three applications and resolutions for the State Trust Fund Loans for development incentive agreements. The agreements are part of TID 8 and include the 3rd Gen project, Veterans Assistance Foundation apartment renovations and roof repair and financing small business loans.