City Preparing To Assist Developer In Revitalizing Warsaw Shopping Center
By Dan Spalding
InkFreeNews
WARSAW — The city took another step toward working to rejuvenate the shopping center known as Marketplace of Warsaw.
On Monday, Feb. 14, the city plan commission agreed with the redevelopment commission’s earlier decision to remove Marketplace of Warsaw from the existing Winona Interurban TIF district and establish its own TIF District.
The property has been hard-hit in recent years with the loss of its biggest tenants but was sold last year to a Georgia company that specializes in rehabilitating struggling retail properties.
The loss of tenants and the condition of the property resulted in a dramatic dip in property value. By establishing a new district, the property resets its value. Tax revenues from the expected improvements can be captured and set aside by the redevelopment commission for future improvements in the district.
“Because they’ve lost Carson’s, Sears, Pier 1, it went from an assessed valuation of seven or eight million down to three and a half million,” said Jeremy Skinner, director of community and economic development.
Skinner said he will provide details to the redevelopment commission in about a month for plans to “rehabilitate” the entire shopping center.
In another matter, the commission approved a planned unit development for a proposed subdivision near Menards.
Developers of the Harvest Ridge subdivision PUD, is Menards – the company that has expanded beyond retail and moved into real estate development.
Menard seeks to develop 91 lots with a mix of attached and detached single-family homes east of the Menards store on Husky Trail.
Nick Brenner, real estate representative for Menards, said the company has overseen numerous housing developments and that they’ve learned the importance of offering various housing styles.
The PUD process works well with that, he said.
Two nearby residents spoke at the meeting and asked that the developer provide a line of trees to block the view of Menards store.
City Councilman Jeff Grose, who sits on the plan commission and represents the area, called on the developer to provide adequate screening.
The recommendation to approve the PUD was approved unanimously. The plan will now go to the city council for consideration.