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Village board approves sale of Oakland Avenue lot to developer contingent on tax credits and development agreement
Summary
The Village Board approved an offer to buy two village-owned parcels on North Oakland Avenue for an affordable-housing project, contingent on the developer winning state tax-credit financing and execution of a development agreement; board vote was 5–1.
The Village of Shorewood on Monday approved an offer to purchase village-owned parcels at 4448 and 4450 North Oakland Avenue for an affordable-housing redevelopment, but only if the developer secures tax-credit financing and a formal development agreement is executed. The motion passed 5–1.
The sale clears a step the village manager said is needed for the developer to complete a Phase 2 public assistance application and to let the developer undertake due diligence required for a tax-credit application. Village Attorney Christopher Baer described the clauses the village will require as “standard relatively standard clauses” to protect the…
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