(rshsdepot) La Crosse, WI

["Bernie Wagenblast" <brwagenblast_@_comcast.net>]

From today's La Crosse Tribune.

Bernie Wagenblast
Transportation Communications Newsletter
http://finance.groups.yahoo.com/group/transport-communications/

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Penney`s renovators on track to buy depot

By JOAN KENT

The city might sell the Amtrak depot to the developers who renovated the 
Grandview and Penney`s buildings in La Crosse.

The Mayor`s Special Committee voted unanimously, with one member absent, 
Wednesday to recommend selling the historic North Side building to Richard 
Masrud and Patrick McGuire.

Mayor Mark Johnsrud said the recommendation was introduced at Thursday`s 
Common Council meeting for consideration in August.

Masrud and McGuire were the only developers to answer the city`s request for 
proposals.

The city earlier negotiated to sell the depot to Mike Keil, who renovated 
Jackson Plaza and is working on the Doerflinger building, but the deal fell 
through.

``I think the city needs to sell the property so we can get it back on the 
tax rolls so it can help pay for the (tax incremental finance district) in 
that area,`` Johnsrud said.

Masrud said he and McGuire plan ``to do a lot of minor cleanup, some 
renovations and aggressively market it.``

``We want to keep its historic value,`` he said. ``By doing some minor 
things like trimming shrubs and fixing doors and painting, it will be a real 
nice-looking property and should be a nice space for the right tenants.``

Under the recommended development agreement, Masrud and McQuire will pay 
$107,000 for the property, but pay taxes on the assessed value of $250,000, 
Johnsrud said.

The city will lease space it will sublease to Amtrak and keep half the 
proceeds, now $16,000 per year, Johnsrud said. That gives the city more 
control and eases the developers` insurance concerns regarding a 
transportation facility, Johnsrud said.

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The Railroad Station Historical Society maintains a database of existing
railroad structures at: http://www.rrshs.org

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