Stevens Point Redevelopment Authority Agenda January 2026
Major Affordable Housing Development Agreement Finalized with Commonwealth Real Estate Acquisitions, LLC
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Description
City of Stevens Point and its Redevelopment Authority executed an agreement to sell land for $1 to Commonwealth Real Estate Acquisitions, LLC, who will develop affordable housing and a community facility. The City will provide $1.45M in TIF support; the developer guarantees minimum property tax payments through 2046.
Contract Details
Contract Amount
$1,450,000 City Support; $1.00 property sale transaction; Developer guarantees minimum tax payment of $93,396 annually (2029-2046)
Vendor
COMMONWEALTH REAL ESTATE ACQUISITIONS LLC
Agency
City of Stevens Point, WI
Contract Type
OTHER
Document Date
January 15, 2026
Contract Term
Agreement effective date to December 31, 2047; Construction begins by September 1, 2027, occupancy by December 31, 2028
Renewal Date
2047-12-31
Renewal Info
Term ends December 31, 2047. Assignment is allowed under conditions. Amendments by mutual written consent. Renewal not automatic.
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