The Prescott Plan Commission held a public hearing regarding adopting the zoning map amendments Ordinance 0825 and an ordinance to amend additions to City Ordinance Chapter 635-13 Establishments of Districts at the Sept. 2 meeting.

City Administrator Matt Wolf asked the commission to consider approval of the amendments to Prescott’s official zoning map.

“So we’re adding medium density and then renumbering all of them so that they make sense,” Wolf said.

With no comments from the public, the commission approved the map amendments and the city ordinance amendments to send to the council at the next meeting.

The commission also approved the Concept Plan Review for Capital Investment Partners, LLC to be sent to the city council.

Wolf said in the 1970’s the City of Prescott had dedicated land north of Pine Street to support the Prescott Housing Authority (PHA) senior housing. The PHA did a needs assessment in 2021 and found that over $3 million was needed in repairs and upgrades for their existing facilities.

“One of the things that they did approach us on as a city was the sale of the one-acre piece of land that is undeveloped with the potential for the sale of the proceeds to go to the housing authority for upgrades and repairs,” said Wolf.

He further explained that Capital Investment Partners expressed interest in doing development in Prescott at this area. Capital Investment Partners manages over 1,100 units in surrounding areas.

“What they’re proposing is two 12-unit apartment buildings, four two-bedroom and eight one-bedroom,” he added.

“We’ve done a fair amount of building in the St. Croix Valley-Pierce County area,” said Trevor Boland with Capital Investment Partners which is based out of Altoona. “We talked with the city and basically we’ll ensure that we have public access both to James and Pine Street coming out of their discussion point as it is owned by the Public Housing Authority.”

He spoke of focusing on 55-plus low income housing, which is defined as 80% per HUD, 80% or less of your average median income.

Boland said they are looking at approximately 1.06 acres. He will bring exterior finishes to the October Plan Commission meeting so they can see the “quality of work.”

“Our goal is to hopefully start Oct. 15-ish. Hopefully that gets us in before winter charges set in for concrete if we can work it out with the concrete subcontractor,” said Boland. “And our intention is to wrap this up by April or May. So, this should be a fairly quick build off for all for all intents and purposes.”

Wolf said the PHA is requesting the development follow their mission for senior housing (55+). While the developer is intending to create the units to be affordable, Wolf explained the HUD 2025 income limits and rent for each size of family. Wolf said the city is considering, in discussions with Capital Investments Partners, using the city’s affordable housing fund for assistance as Capital Investments is “taking on the risk of developing senior housing which obviously that cuts a large segment of your potential marketability out of that.”

Wolf said since this parcel of land is owned by the city, it requires PHA, plan commission and city council approval. The concept plan includes an area of undeveloped right of way next to James Street. There also is a stormwater pond so it would need to include additional land that the PHA has reviewed. DNR approval would be needed for a water main extension from James Street.

“What are you thinking that you are going to be asking for rent for one and two (bedroom units),” asked Commissioner Mike Gerke.

“We’re going to be $300 to $400 less than across the river,” answered Boland. “We’re estimating around $1,410 to $1,610.”

“So, what expenses does that Affordable Housing Fund allow?” questioned Commission member Dave Hovel.

“Per state statute, as long as 75% of it goes towards any housing that is 30% of one’s income or less,” said Wolf.

Commissioner Kate Otto asked for information on the Affordable Housing Fund. Wolf explained that per Wisconsin state statutes, every city and municipality in the state of Wisconsin when a tax increment district is established, “they have the ability for an extension of one year to take the proceeds of any TIF and put it into an Affordable Housing Fund.” He further explained that an Affordable Housing Fund is defined that “75% of that money that gets put into the fund has to go to housing that is 30% of one’s income or less.”

“So, we have TIF money available so then we could use that in this project,” questioned Otto.

“Doesn’t cost the taxpayer anything,” commented Hovel.

Wolf explained that in 2021 TID #3 was extended by one year and there is $350,000 that’s sitting in a fund that can be used to assist in creating affordable housing.

“If we don’t use that money then what happens to it though,” Otto questioned.

“It just sits there until we use it for this type of thing,” said Hovel. He added that since it was levied for this purpose only, it has to be used for this type of property.

Hovel said the concept would go to council and upon their approval, more detailed plans would come to the commission at the next meeting.

Boland said Wolf, city staff, and the plan commission members have “been fantastic” in this process. Commenting on the tight schedule, Boland stated, “City staff has been really good to work with.”

Otto asked if the Oct. 15 date is realistic for the developer.

“Six weeks they got, ain’t much,” commented Gerke.

“That’s not much,” Otto agreed.