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.
- Fox Point extends hours for voter registration on June 28
- Fox Point holds open house, pool opening this weekend
- Video: Summer fun in suburban Milwaukee
- North Shore Public Forum: Against weed killer; school district shared services
- Kravit, Fonstad elected to Fox Point Village Board
- Fox Point-Bayside accepts offer on Dunwood School property (6)
- As Fox Point Pool ages, village assesses options (1)
- Fox Point residents concerned about Dunwood development (5)
- Fox Point trustee candidates weigh in on future of pool, Dunwood School property
- Grocer, apartments and memory care pitched for old Dunwood School site (1)