September 26, 2024 5:13 pm
• Last Updated: September 26, 2024 5:13 pm
A model apartment unit at 99 Gold Star Highway at GoodHomes Groton (Courtesy of GoodHomes Communities).
A model apartment unit at 99 Gold Star Highway at GoodHomes Groton (Courtesy of GoodHomes Communities).
A model apartment unit at 99 Gold Star Highway at GoodHomes Groton (Courtesy of GoodHomes Communities).
GoodHomes Groton Luxury Apartments, the former Groton Inn & Suites, in Groton Thursday, Sept. 26, 2024. (Dana Jensen/The Day) Buy Photo Reprints
Additional apartment buildings behind the main building of GoodHomes Groton Luxury Apartments, the former Groton Inn & Suites, in Groton Thursday, Sept. 26, 2024. (Dana Jensen/The Day) Buy Photo Reprints
Groton ― The developer and owner of a project to renovate the former Groton Inn & Suites at 99 Gold Star Highway into apartments are requesting approval for a financing mechanism for the 112-unit development.
The owner, Arizona-based Community Finance Corporation, is seeking tax-exempt revenue bonds through the Public Finance Authority of Wisconsin to finance the project. The Public Finance Authority issues bonds for public and private projects across the nation, according to a presentation at Tuesday’s Town Council Committee of the Whole meeting.
Town Manager John Burt said the proposed financing would not create a financial obligation for the town and Groton is not issuing the bonds.
Town Attorney Raymond Baribeault said the Internal Revenue Code stipulates that to qualify for the tax-exempt financing, project officials must get a recognition from the municipality, where they want to build the development, that it will benefit residents.
The council has scheduled a Tax Equity and Fiscal Responsibility Act public hearing on Oct. 29 at 6:30 p.m. in the Town Hall annex. The council is then expected to vote on the recognition t …
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