The developers of Castle Ridge are asking the Centralia City Council to increase its cap on available tax increment financing funds from $2.5-million to $5- million to allow the lodging portion of the project to be built out.
Greg Sutton is also requesting the use of $750,000 in TIF money to stabilize the Raccoon Lake shoreline around the resort. He emphasized the money is not taxpayer dollars, but the reuse of the money they have paid in taxes to the city.
Sutton explains the shoreline project.
“The shore lane stabilization would be on the south side of the lake along the property line. Actually, the city owns that property line. But that would allow us to stabilize the shoreline to allow us to build the cottages and lodges around the lakefront there. To give visitors or guests staying with us a wonderful view of Raccoon Lake.”
Sutton says the additional TIF funding would then allow for the lodging plans to move forward.
“The next step would be to complete the engineering for the cottages and lodges and begin the engineering on the kayak run and marina as well as the potential hotel.”
Sutton says the goal is to break ground on the 40 units of housing through eight-bedroom lodges and one and two-bedroom cottages west of the Castle before the end of the year. The hotel on the north side of the convention center would follow later. Sutton says part of the reason for the increase in TIF funding is the rapidly rising cost of building materials.
Sutton says Castle Ridge is doing well and attracting many out-of-town visitors for events. He notes the supply shortage continues to impact them as they await the arrival of all the kitchen equipment needed for the third restaurant at the development.
The TIF requests are expected to be placed on a future city council agenda.
