The upcoming closure of the Granary Restaurant in Oshkosh won’t cost taxpayers any money.
The city provided $710,000 in TIF (Tax Increment Financing) money to the developers that renovated the historic building, and re-opened the restaurant.
Community Development Director Allen Davis says they set up what’s called a “pay as you go TIF,” so the owners had to put their own money in, up front. He says the city will pay them back, as the value of the property increases.
Davis adds that the increased value of the Granary property is assessed at $467,000.
The building’s owner hopes to find a new management team for the restaurant.
