Council approves developer’s agreement for Boyce Drive housing project

The Rhinelander Common Council voted unanimously Wednesday evening to approve a developer’s agreement clearing the way for construction of Riverview Senior Living, a 48-unit affordable senior housing development that has been in the works for roughly three and a half to four years.
The council approved the resolution during a special meeting, authorizing the agreement between the city, Riverview Senior Living, LLC, and Crown Court Properties, Ltd. The project, located within Tax Increment District (TID) #11 at 903 Boyce Drive, will use tax increment financing to help fund construction of a 48-unit building on a 3.7-acre site that currently holds an underused garage and storage structure. Under the agreement, the developer will receive up to $355,998 in tax increment payments over 15 years — with the city assuming no debt or bonding obligation and no financial risk if the project falls through.
Financing structure
Mayor Kris Hanus told the council the project has been discussed for several years as a way to bring more housing to an underutilized parcel within TID #11, which was created in 2022 to support the Cobblestone Hotel on nearby Kemp Street. Hanus said the project’s roughly $10.6 million cost requires TIF assistance, structured so the city takes on no debt or bonding obligation up front.
City attorney Steve Sorenson walked the council through the terms of the agreement. The developer will receive 90% of the incremental property tax revenue generated by the project each year over a 15-year period, up to a maximum of $355,998, contingent on the completed project reaching a minimum guaranteed equalized assessed value of $2.1 million by Jan. 1, 2029, he explained. Payments will be made through what’s known as a Municipal Revenue Obligation (MRO), a pay-as-you-go structure funded entirely by the increment in property taxes the development itself generates.

Sorenson emphasized that the city bears no financial risk in the arrangement.
“This is no money that’s coming out of the city’s pocket until the project’s done, or until the increment is being developed and the tax dollars are coming in,” Sorenson said. He added that if the project defaults, the city will not be liable for any of the funds.
The city has also agreed to help the developer pursue an Idle Site Redevelopment (ISR) grant of up to $250,000.
Project details
According to earlier reporting on the project’s conditional use permit, approved by the Rhinelander Plan Commission in January, the development will include 36 one-bedroom and 12 two-bedroom units, along with commercial office space for senior and veteran services. At least six units will be designated for veterans, and per the development agreement, units will be split among residents earning 30%, 50% and 80% of county median income.
Lutheran Social Services previously indicated plans to staff an on-site office to connect residents with services, working alongside the nearby Rhinelander VA Clinic.
Speaking during public comment, Tony Pharo, executive director of the Oneida County Economic Development Corporation (OCEDC), urged the council to approve the agreement:
“This project represents more than just a new apartment building,” Pharo said. “It represents 48 new senior living units, which includes six units dedicated to veterans. It will provide quality housing for seniors who want to remain in the community while opening up existing homes for young families and workforce residents. This project will have a positive ripple down effect throughout our housing market. I also want to recognize everyone that helped make tonight happen. I want to start by thanking Mayor Kris, City administrator Patrick (Reagan), finance director Wendi (Bixby) for their leadership and willingness to work through many of the challenges that come with a project this size. I’d like to also thank the Common Council for your commitment investing in the future of Rhinelander. A special thanks goes out to Crown Court Properties and their development team. Many people might not realize, but they were not the original developer on this project — when that developer could not move forward, Crown Court stepped up and believed in Rhinelander and committed themselves to making this project a reality.”
“Tonight is another step forward in addressing the housing shortage of our community,” he added. “It demonstrates what can be accomplished when local government, developers, and economic development organizations work together with a shared vision…”
The council approved the resolution 7-0 with alderman Tom Barnett absent.