Superior is hoping to spur development in the Winter Street Industrial Park and along Bardon Avenue north of 28th Street by creating a pair of tax increment districts.
The industrial park site would encompass largely undeveloped parcels north of Belknap Street to the waterfront for commercial and industrial development. The Bardon Avenue site could be a mixed-use site with residential and commercial development.
The Superior Plan Commission gave preliminary approval to creating the districts after a public hearing Wednesday, May 19.
The tax increment districts will help the city pay for incentives and infrastructure improvements to spur private development.
Potential development at the Winter Street Industrial Park sites could generate about $19 million in new value and is expected to generate about $6.9 million in revenue over the 20-year life of the district, said Sean Lentz of Ehlers, the city’s financial adviser. He said that would provide the city with about $1.4 million for incentives and $600,000 for infrastructure improvements for the sites based on the current tax rate.
The Bardon Avenue site is considered blighted after a declaration of blight was approved Wednesday by the city’s Redevelopment Authority.
There is the potential to create a blight elimination district, which is the best use for the site, Lentz said. He said the site could generate about $14 million in new value and generate $7.4 million in revenue over the 27-year life of the district to help pay for infrastructure improvements, property acquisition and incentives.
Currently, the city isn’t generating any revenue from the site, Lentz said.
Property on the southern end of the district is owned by the School District of Superior, and current discussions involve multi-family housing in the north end of the proposed district, Lentz said.
The city is working with developer P&R Properties to build about 120 units of market-rate, one- and two-bedroom apartments, said Jason Serck, economic development, port and planning director.
P&R Properties is the developer that built the Village Apartments in the village of Superior, and Onyx of Superior, 320 North and Central Flats in Superior.
Construction on the new apartments could get underway this summer with completion anticipated late next year, Serck said.
After discussing the city’s plans with the school district, Serck said the city will be exploring ways to address congestion at Great Lakes Elementary School immediately west of the district, by improving circulation in the area.
“We don’t know what that’s going to look like yet,” Serck said.
The Superior City Council will have the final say on creating the districts when it meets June 1.