The Two Rivers City Council this week approved a new TID or Tax Incremental Financing District.
City Manager Greg Buckley describes now what’s known as TID number 15, “which is being established under the statute as a blight elimination TID to assist with the redevelopment of the former Hansen The Florist property at 3000 Forest Avenue.”
Buckley says a potential buyer of the property has revealed his plans for the area.
“He is proposing to develop 44 units of market value housing units consisting of one, two, and three-bedroom apartment units with an estimated investment cost of around $7 million.”
Plans are for construction to begin this fall. The Council also passed an amendment to TID number 10 for possible Developer Grant Assistance to the former Paragon Building.