Wauwatosa's Common Council last night authorized staff to apply for a $2.8 million federal matching grant application that would be used to construct a business accelerator in the Burleigh Triangle, an area that city officials have wanted to see redeveloped for several years.
A business accelerator is a facility where entreprenuers can transform their ideas for technical innovations into actual products without having to invest a lot of money.
Community Development Director Nancy Welch has been working on a business plan, which would require the triangle - 70 acres bordered by Burleigh Street, U.S. Highway 45 and Currie Park - to be deemed a tax-incremental funding district. Taxes on the increase in value of the TIF district area pay off municipal bonds used to finance the redevelopment.
Welch foresees constructing the building on about six acres just south of the tip of the triangle off Highway 45, and she has been in talks with property owners about a long-term land lease. She has also received letters of interest from some potential tenants.
The project would allow Wauwatosa to become a player in the global marketplace while specifically targeting a problem area of land within the city, Welch said.
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- Hundreds of Tosa residents experienced short power outage Aug. 27
- Wauwatosa Village valet service tentatively halted on Sundays
- Ask Now: Can parts of Milwaukee get annexed back into Wauwatosa?
- Wauwatosa School District filled a 'typical' 60 jobs this summer (2)
- Monarch advocates celebrate 10th year of releasing butterflies at County Grounds in Wauwatosa
- Disability advocates concerned about lack of housing in Wauwatosa
- Gay Ex-Wauwatosa police officer says she endured years of harassment, gets $77k settlement
- Wauwatosa's Diva Day brings shopping deals and business boosts
- Wauwatosa things to do: August 27
- Suspected pipe bomb draws neighborhood attention in Wauwatosa