Tuesday, September 18, 2012
County and school officials concerned about whether major retail-office-housing project at the I-94/Barker Road exit could repay $37 million in debt — plus interest — in a required 16-year deadline. If not, taxpayers could be on the hook.
- GOVERNMENT
- Lisa Sink
-
Tuesday, September 18, 2012
A review panel Tuesday raised concerns about the viability of a proposed $37 million Town of Brookfield public financing plan intended to help spur a major retail-office-housing redevelopment. Representatives of Waukesha County, the Waukesha School District and Waukesha County Technical College questioned whether the ambitious project, which would include Wisconsin's first Von Maur store, could generate enough tax revenue to pay $37 million in town debt by a 2028 deadline. The five-member panel has to sign off on the creation of the taxing district, which is a key part of the plans for the project. Norm Cummings, Waukesha County's director of administration, said he wanted to support a town incremental financing district for the project, …
Sunday, August 19, 2012
Plans to open new retail development — including a Von Maur store — pushed back more than a year because of worries about how long it would take to repay town's investment, newspaper reports.
When plans to open a shopping center in the Town of Brookfield that would house Wisconsin's first Von Maur department store were unveiled in March 2011, developers had hoped to start construction that summer — and to be open for business by the 2012 holiday season. Seventeen months later, however, construction on The Corners has yet to begin and officials now say the development, located at Blue Mound Road near Barker Road, probably won't open until November 2014. The Milwaukee Journal Sentinel reported Sunday that the much of the delay is due to concerns about how many years it would take the development's property taxes to pay off the town's debt. The Town Board earlier this month approved a timeline for the creation of a financing …
Wednesday, August 8, 2012
Town of Brookfield supervisors OK timeline that could see the former Marcus cinema and Menards razed by year-end and construction of Von Maur start in the spring.
- GOVERNMENT
- Lisa Sink
-
Wednesday, August 8, 2012
A Town of Brookfield financing district of $30 to $35 million could be ready for approval by the end of the year — a move that would pave the way for spring construction of The Corners development and Wisconsin's first Von Maur department store. Public hearings on the tax incremental financing district plan would be held in October, with votes by the end of November, under a timeline approved by the Town Board Tuesday night. "They'd probably be knocking down some of these buildings possibly in October," Town Administrator Rick Czopp said. The Corners would raze the former Marcus Corp. West Pointe Cinemas and Menards, as well as a strip mall and Applebee's on Blue Mound Road near Barker Road. New construction would include a 140,000-square-…
quiteconcerned
4:49 pm on Friday, September 21, 2012
Randy, the reason I bring up the incorporation connected to this development is because it is. The media have covered public records that showed discussions of the incorporation as a means of gaining access to 27 year TIF payback period allowed for cities and villages vs. the 16 year allowed for Towns. The conclusion is that the numbers don't work for the Town at 16 years, which is what they are … more ›