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Board approves $500,000 municipal revenue obligation for Old Orchard Road development after contested discussion
Summary
The Village of Menomonee Falls Board of Trustees voted 5–2 on Oct. 6 to approve a development agreement with Time Crafted Properties LLC and to authorize a taxable municipal revenue obligation of up to $500,000 over 16 years for a parcel in Tax Incremental District No. 18.
The Village of Menomonee Falls Board of Trustees voted 5–2 on Oct. 6 to approve a development agreement with Time Crafted Properties LLC and to authorize issuance of a taxable tax-increment municipal revenue obligation (MRO) for a property at W127 N8503 Old Orchard Road in Tax Incremental District No. 18. The MRO is structured to rebate up to $500,000 to the developer over 16 years, with the agreement providing that the owner will pay property taxes and the village will rebate 80% of the increment up to the stated maximum.
Board discussion centered on the projected assessed value and the developer-provided investment figures. Officials said…
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