(Beaver Dam) City officials in Beaver Dam have shown their support for the establishment of a new Tax Increment Finance District around the Heritage Village Mall. On a 12-to-one vote, the common council Monday night approved the hiring of MSA Professional Services to assist the city with the creation of TIF #8.
Beaver Dam Area Development Corporation Executive Vice President Trent Campbell explained the need for the TIF Monday night, saying the loss of the Boston Store could plunge the area around the mall into blight. He says the creation of the TIF and the potential revenue would allow for developer incentives that would spur growth in the area, including the attraction of a new hotel.
Campbell says the official announcement of the hotel is imminent while actual construction is far down the road. He says officials with the hotel chain have concluded that there is a definite need for a hotel in the city. He says there have been in-depth feasibility studies on occupancy and room rates conducted on the part of the hotel chain, identifying the need as scientific, not anecdotal.
Campbell was pressed about the location of the hotel and revealed that it would be built next to the AmericInn. The plan is to have the TIF District in place by September.
Listen to Trent Campbell’s presentation here: