The Superior City Council and Redevelopment Authority are solidifying agreements for the construction of a new downtown hotel on Tower Avenue.
Superior Hotel LLC is planning to build 60-room hotel with a restaurant and onsite parking at North 11th Street between Tower and Ogden avenues, a Cobblestone Hotel & Suites.
The Superior City Council on Wednesday, April 3, approved a blight declaration to allow the Redevelopment Authority to enter contracts with redevelopers of the property and transferred the property to the Redevelopment Authority so it can be sold to Superior Hotel Group LLC.
The Redevelopment Authority held a public hearing to consider the sale of the land and approved development and cooperation agreements with the company, outlining the terms of the project.
According to the development agreement, Superior Hotel Group LLC, a Wisconsin-based company will purchase the property for $427,500, fair market value, for the project.
The company will begin construction of the 36,800 square foot hotel by the end of August, with completion expected by the end of 2020. The company is responsible for all site improvements including soil preparations and corrections, utilities, stormwater drainage, parking, curb and gutter and sidewalks.
The city will provide about $1.2 million in incentives to help pay for those costs through a $400,000 development grant and $800,000 in tax increment grants, which are subject to the company's completion of the project.
The company is agreeing to pay $122,760 in taxes starting in 2022 and running through 2046, when the tax increment district, which is slated for ratification consideration April 18, terminates.
Cobblestone Hotel & Suites will include a Wissota Chophouse (Cobblestone's own brand), a tap room, pool and exercise room. The company plans to hire 35 full- and part-time employees, and will invest about $8 million in the project.