APPLETON (NBC 26) -- After nearly two years of work, Appleton Mayor Tim Hanna said Thursday morning that the city of Appleton was awaiting a response from U.S. Venture on the city’s offer of $40 million in payments and incentives for the company to build its $57 million headquarters downtown.
The city’s offer was presented to the company in November and does not include using property tax dollars, Hanna said.
“We’re excited to make this offer to assist U.S. Venture in relocating to Appleton and be a transformational project for our downtown,” Hanna said. “Our staff and U.S. Venture have worked hard to make this economically feasible for both sides and we are confident this offer does that."
U.S. Venture provided the following response Thursday afternoon:
"Mayor Hanna’s comments today are encouraging, but they do not follow what was outlined in the development agreement or the proposal presented to U.S. Venture by the city in November. We have reached out to the city to gain clarity, because while the offer Mayor Hanna spoke of today sounds generous, the offer we received in November does not give U.S. Venture $40 million. The November offer significantly shifts project risks — such as the construction costs and any cost overruns of the public parking ramp, and relocation of the Mosaic Family Health clinic — and places additional restrictions and responsibilities on U.S. Venture, without an increase to the TIF incentive of $8 million.
In an effort to preserve our options to build our corporate headquarters downtown, U.S. Venture recently purchased the properties where the former Fox Banquets/Rivertyme Catering and Trinity Lutheran Church were located, and immediately informed the city. Two years have passed since Appleton’s Common Council approved the development agreement between the city and U.S. Venture. We recognize the complexities of a public/private partnership of this scale, and while we’re challenged by the pace at which this project has moved forward, we believe purchasing this land will open the door for more conversations with the city and others about redevelopment on the bluff.
Because of the new restrictions and changes to the development agreement that the city has proposed, we have begun exploring other options, including in other communities."
