The Sturgeon Bay Common Council approved a development agreement that will provide a financial incentive of up to $50,000 for the renovation of the former Door County Ace Hardware building at the corner of 3rd Avenue and Jefferson.
The approximately 17,650-square-foot building is located in Tax Increment District (TID) #8 and currently being renovated to create entrance doors toward 3rd Avenue, and to divide the building into three tenant spaces, with each space having accessible entrances and a new accessible ramp.
The exterior is also being altered to add new windows and cement-board siding. Improving the building’s facade was included in the TID #8 project plan, which called for designating $50,000 for that purpose, with the exterior improvements being accompanied by approximately $500,000 of interior building renovation by the developer, Amy Austad Labott.
The development agreement: gives Austad Labotte until Jan. 1, 2025 to substantially complete the project; limits the amount of assistance to 10% of the cost of interior and exterior renovations up to $500,000; pays the incentive within 30 days of an occupancy permit being issued; and requires in the first tax year upon completion a minimum assessed property value for 10 years of $1,043,500, which is $250,000 more than the current assessed value.
In the event the actual assessed value ends up being less, the developer would be required to pay the difference between property taxes owed on property valued at $1,043,500 and the actual property taxes owed.