The City of Two Rivers has submitted an application to the Wisconsin Economic Development Corporation for a $250 thousand grant to assist in the proposed downtown hotel development Project.
City Manager Greg Buckley says WEDC has a CDI or Community Development Initiative Program. “Is meant to fill the last gap for financing for communities in rural counties, that are of significant community impact and have assisted quite a few communities across the state with downtown hotel developments.”
The City Council last September approved a TIF District on the site that involves the former Suettinger Hardware store and some adjacent properties that will generate $750 Thousand in revenue.
Buckley says; “The City in recent years has acquired properties across the street between this site and the harbor, the old Blue Goose tavern went down last fall, Union Labor Hall had been bought by the City years ago, that was demoed 3-years ago.”
The City manager added; “We’ve made a commitment that, if the hotel goes forward, the City will maintain those properties right across the street as park or open space.” That Buckley says will create a pristine view of Lake Michigan.
A group of 15 investors led by Rick Carey will provide $1.5 million with private financing of $3.8 million to round out the $6.3 million cost.
