Tim Ryan, tryan@wolfrivermedia.com
The Shawano Plan Commission on Wednesday gave its approval to a development agreement for the former Family Dollar property at 229 E. Green Bay St.
The agreement calls for KTS Investments, LLC, of Green Bay, to remodel and renovate the property by the end of June.
Half of the building will be occupied by Tower Clock Eye Center, with the rest made available for lease.
Once remodeled, the building is anticipated to be valued at more than $500,000.
If less than that, KTS will make up the difference in real estate taxes the city would have collected on a $500,000 property for 10 years, or until the assessed valuation reaches that amount.
Once occupied, the city will also provide KTS with a grant of $61,200 from the tax incremental financing (TIF) district that was approved for East Green Bay Street last year.
The former Family Dollar building is the first to get funding from the city’s newest TIF district, which was adopted in hopes of alleviating blight and promoting development along the East Green Bay Street corridor.
Tower Clock Eye Center is an independent ophthalmology practice providing medical and surgical eye care for patients in Northeast Wisconsin. The existing office is located in Green Bay, and their physicians also see patients at Shawano Medical Center and Oconto Hospital.
The agreement now goes to the Shawano Common Council on Wednesday.