Stevens Point Redevelopment Authority Agenda January 2026
City Signs $1.45 Million Mixed-Income Housing Development Pact
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Description
The City of Stevens Point, its Redevelopment Authority, and Commonwealth Real Estate Acquisitions, LLC signed a long-term development agreement for a $12.8M project including sale of part of the former Shopko site for $1, construction of affordable/mixed-income housing, and creation of a commercial childcare center, with $1.45 million in TIF support from the city.
Contract Details
Contract Amount
$1,450,000 City Support
Vendor
COMMONWEALTH REAL ESTATE ACQUISITIONS LLC
Agency
City of Stevens Point, WI
Contract Type
OTHER
Document Date
January 15, 2026
Contract Term
From execution until December 31, 2047
Renewal Date
2047-12-31
Renewal Info
Agreement runs until December 31, 2047. Amendments by mutual written agreement. Support payment subject to construction milestones. Option to terminate if financing is not secured by September 1, 2027. Assignment permitted to entity controlled by Commonwealth Holdings III, LLC.
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