Bay working out tax incremental financing details for Mandel luxury apartments

Aug. 7, 2012

Whitefish Bay - Whitefish Bay officials are working with developer Mandel Group and financial advisory firm Ehlers Investment Partners to hash out details of a tax incremental district for the developer's proposed $28-30 million luxury apartment complex.

Ehlers Senior Financial Advisor Michael Harrigan presented a preliminary draft Monday night to the Community Development Authority, tentatively outlining a $1.8 million investment from the village in the form of general obligation bonds. An approximate amount of $2 million will go into a "developer TIF," which will allow Mandel Group to pay off a portion of its project debt with property taxes from the proposed development. 

Nearly $1.1 million worth of air rights over the current municipal lots would be granted to Mandel as part of the project, rounding out an estimated $4.9 million in public investment. 

An additional $14 million of property value is expected to be added to the proposed TID as a result of the 100-unit luxury apartment complex, according to the Ehlers report.

The CDA ultimately voted to take the proposed TID to a series of meetings on Sept. 6. A public hearing will take place at 6 p.m., followed by a joint-review board meeting with members from local taxing authorities, and a meeting during which the CDA may adopt an updated TID project plan.

"We'll really flesh this out more fully when we come back before the committee as part of the public hearing process," said Harrigan.

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