FDL City Council Approves TID Development Agreement With Hotel Retlaw Owners
The Fond du Lac City Council unanimously approved a Tax Incremental District Development Agreement with the owners of the Hotel Retlaw Wednesday night. Community Development Director Dyann Benson says essentially the City is creating a $2.3 million forgivable loan with the hotel, which will be paid off as income is generated from the increase in value of the hotel. She estimates it will take 18 to 20 years to pay off. City Councilman Derek TerBeest was pleased that the City is creating a TID to help finance the project and protecting itself by doing so. Hotel co-owner Dennis Doucette says renovation of the historic hotel will begin by the end of the month. He says it means a new beginning. He says they will have a formal groundbreaking for the project. He says the community support for the project has really floored them and they can’t be appreciative enough of what everyone has done to make the project happen. Benson says there are still a few steps that have to be taken to create the TID including Council approval.