3-16-15 downtown fdl redevelopment project

A developer is proposing to convert the building that housed the  former Cool Beans and Bagels  into an office/apartment complex.  At their meeting Monday night the Fond du Lac Plan Commission will review  a proposed tax incremental district to help facilitate the project.  Community Development Director Diane Benson says Loeber Property Investments would redevelop the property into six commercial/retail spaces on the first floor, a business incubator space on the lower level and 19 residential units on the upper floors.  The property owner also plans improvements to the exterior to compliment the historic elements of the building.  Benson says the improvements will result in a $2 million investment in the property.  Benson says in order to make the project financially feasible, the city would pay the developer up to $325,000 in  incremental taxes generated by the project which is estimated to take about 14 years.

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