Wauwatosa will move forward with plans to create the city's eighth tax-incremental financing district in an effort to better position the city for the redevelopment of the former Western Metals site.
At the recommendation of the Budget and Finance Committee, the Common Council on Tuesday approved the project plan and boundaries for the creation of TIF District 8, which would overlay and essentially replace the city's existing TIF District 3.
The council also approved amending the project plan for TIF District 3 to allow its fund balance to be transferred to the new TIF before closing it.
As explained to the Budget and Finance Committee by city staff, the plan would allow the city to reimburse developers for more than $1.5 million worth of environmental remediation already completed at the site, where a 169-unit apartment complex is planned to be developed, as well as an additional $1.5 million developer reimbursement for a new pathway, fencing and parking at the site.
In sum, the plan would basically reduce the size of the TIF in the State Street area west of the Village, while adding about $75 million to the city tax roll.
Developers are estimating that the apartment complex would have a value of $20 million upon completion. It is anticipated that TIF 8 would generate sufficient new value so all project costs would be recovered by 2037.
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