Council To Discuss Tax Increment District Creation In Waukesha

Waukesha WI

16 February, 2021

10:57 AM

Description

WAUKESHA, WI—The City of Waukesha Common Council will discuss creating a tax incremental district. Tax Incremental Finance District (TID) Number 30 is a proposed Rehabilitation-Conservation District located across from Fire Station 1 on St. Paul Avenue, north of the Fox River. The district is being created to build a 114-unit multi-family apartment building by Mandel Group. The three properties that make up the district were originally part of the Townhomes at Mill Reserve Condominium property and were intended to be part of a later phase of that redevelopment, according to city documents. Due to lack of demand, those plans didn't materialize and Ogden is proposing to sell the land to Mandel Group for this development. The project plan has expenditures of $5,562,212 in developer incentives. This would include $2,000,000 in upfront funding, which would only be payable at the time of occupancy, and $3,562,212 as pay-as-you-go financing. The PAYGO would reimburse the developer as tax increment is generated from the project, the documents said. The Plan Commission reviewed and recommended Common Council approval of the Planned Unit Development amendment, site, architectural, and landscaping plans for this development at the Dec. 9 meeting. The Common Council approved those plans at their Jan. 5 meeting. The proposal will need to go through the Finance Committee and Common Council for approval. The Common Council meets at 6:30 p.m. on Thursday.