ADVERTISEMENT

ADVERTISEMENT

Plan moves to RACS

In a closed session, Superior City Councilors on Tuesday discussed the possibility of creating a tax increment finance district to assist the Barker's Island Inn conference center expansion, create condominiums and renovate the hotel...

In a closed session, Superior City Councilors on Tuesday discussed the possibility of creating a tax increment finance district to assist the Barker's Island Inn conference center expansion, create condominiums and renovate the hotel

For further action, councilors forwarded the plan to the Redevelopment Authority of the City of Superior.

If councilors move ahead with the TIF, Mayor Dave Ross said about 90 percent of borrowed money would go to the hotel project. Incremental property taxes generated by the new investment would repay TIF debt.

The proposal calls for hotel improvements valued at $22 million. Ross said Oliver Cos. Inc., which owns the hospitality business, will invest about $15 million.

RACS will create a development agreement for the project. The group will begin its work at a 2 p.m. Tuesday meeting.

ADVERTISEMENT

Members also will consider a development agreement for the construction of townhouses on four acres of undeveloped land between the Barker's Island Marina and existing houses on the southern end of the island. Barker's Cove LLC, also known as Mission Development LLC, has proposed purchasing the city-owned land for $391,500 for the construction of 41 townhomes.

The city's former planning director, Marshall Weems, and land developer Bob Coburn, are partners in the project.

What To Read Next