The Two Rivers City Council acted on a preliminary resolution Monday night for a possible amendment to a TID, or Tax Incremental District.
City Manager Greg Buckley explained to SeehaferNews.com, “TID Number ten includes the former Paragon Property just off of Memorial Drive and Columbus Street. There is a prospective purchaser for that property. A purchase agreement was approved by the Council last Monday and we are optimistic that-at this time-an unnamed company will ultimately be purchasing the facility making a nice capital investment creating some jobs there.”
Buckley says there are a number of contingencies that must be met, “Including some funding assistance to help with renovation and for partial demolition if need be-of portions of the building. Since it’s located within an existing TIF we’ll be looking at what that TIF District might be able to do to assist with rehabbing that facility.”
The former Paragon Electric Building has been vacant since 1999.
Two Rivers has owned it since last October acquiring it through foreclosure action on an Economic Development Loan that was in default.
