From the desk of Ripon Mayor Aaron Kramer:
The Ripon Common Council tonight voted to forward and partner with the investment and development firm of Boca Grande, LLC, in a project that could ultimately result in the investment of roughly $30 million in downtown Ripon and the surrounding area. The city's investment in the project will be approximately $8.6 million, about half of which will be loans to the development firm, the remainder direct grants.
The city's investment will be funded by the creation of a new downtown Tax Increment District, which, in the simplest of terms, means the additional tax increment generated from the Boca Grande developments will be used to pay back the debt used to fund the initial grants and loans. The project includes a proposed inn and spa, a Republican museum, multiple restaurants and housing options, and investment in the downtown infrastructure.
"While there is some level of risk in this project, as there have been with every project we have been involved in, we, the city, have taken very deliberate and focused measures to reduce our risk," noted Mayor Aaron Kramer. "At this point, we have authorized staff to begin the process of securing the financing needed to move ahead, while, at the same time, giving the residents of Ripon the opportunity to view the proposals from Boca Grande, the financing tools we will be using and the short- and long-term goals and visions of this project. Rest assured, we have not reached this point without considerable debate, negotiations and analysis, just as we promised when Boca Grande first presented their ideas for downtown Ripon more than two years ago."
"We are moving forward, and looking forward to hearing from the public as they have the opportunity they to view the proposals and weigh in with their thoughts."
Aaron Kramer
Home : 920-745-2578
Cell : 920-291-5250
The Ripon Common Council tonight voted to forward and partner with the investment and development firm of Boca Grande, LLC, in a project that could ultimately result in the investment of roughly $30 million in downtown Ripon and the surrounding area. The city's investment in the project will be approximately $8.6 million, about half of which will be loans to the development firm, the remainder direct grants.
The city's investment will be funded by the creation of a new downtown Tax Increment District, which, in the simplest of terms, means the additional tax increment generated from the Boca Grande developments will be used to pay back the debt used to fund the initial grants and loans. The project includes a proposed inn and spa, a Republican museum, multiple restaurants and housing options, and investment in the downtown infrastructure.
"While there is some level of risk in this project, as there have been with every project we have been involved in, we, the city, have taken very deliberate and focused measures to reduce our risk," noted Mayor Aaron Kramer. "At this point, we have authorized staff to begin the process of securing the financing needed to move ahead, while, at the same time, giving the residents of Ripon the opportunity to view the proposals from Boca Grande, the financing tools we will be using and the short- and long-term goals and visions of this project. Rest assured, we have not reached this point without considerable debate, negotiations and analysis, just as we promised when Boca Grande first presented their ideas for downtown Ripon more than two years ago."
"We are moving forward, and looking forward to hearing from the public as they have the opportunity they to view the proposals and weigh in with their thoughts."
Aaron Kramer
Home : 920-745-2578
Cell : 920-291-5250
