NEW RICHMOND -- Following a closed session at Monday night’s council meeting, members expressed confidence in Gerrard Corporation and have agreed to stick with the partnership.
“Gerrard did not receive the tax credits this spring, but the council still feels that they are a really good partner and would like to continue working with them. Gerrard is looking at alternatives to help bridge the gap left by the tax credits. We are optimistic that the project will continue to move forward as proposed,” City Administrator Noah Wiedenfeld said May 10.
Gerrard Corporation was selected in 2019 to work with the city to redevelop the Beebe Building at 307 S. Knowles Ave.
The development proposal called for the construction and management of 40 housing units for ages 55 or older, with several amenities, community space, and on-site parking.
One of the Gerrard proposal’s initial benefits was the limited financial risk to the city. The plan called for financing through the use of State Housing Tax Credits awarded through the Wisconsin Housing and Economic Development Authority. Gerrard Corporation's initial application for the tax credits in 2020 was not successful. Gerrard reapplied in 2021 and was informed in April that the application was again unsuccessful.
Gerrard Corporation has proposed to explore alternate funding. The company initially sought to break ground this spring, with occupancy in the spring of 2022. No new timeline has been announced.