The City of Manitowoc Finance Committee will meet at 6pm this evening to considere entering a development agreement between the city and Doneff’s Schuette Building, LLC. This agreement would provide $1.1 million dollars in “Development Assistance Grant” money to Doneff Schuette Building for a renovation of the historic Schuette Building at 804 Jay Street and 914 S 8th Street, Manitowoc.
The developer, Doneff’s Schuette Building, must contribute at least $600,000 in cash equity toward the Project. The renovation and redevelopment would consist of façade restoration, 17 apartment units, and “white box” commercial space. Once completed; the property would generate sufficient incremental tax revenue over 22-years to cover the amount of money in this agreement.
This property is located within the “Tax Incremental District #19”. The City has created the District for the purpose of spurring downtown redevelopment and promoting economic development.
