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Village approves nonbinding MOU with Cobalt Partners for sports complex; tourism fund to pay for market study
Summary
The Village Board approved a nonbinding memorandum of understanding with Cobalt Partners to pursue redevelopment of roughly 16 acres for an indoor sports and recreation facility and approved $19,500 from the village tourism fund to pay for a market research study validating demand.
The Village of Brown Deer on July 21 approved a nonbinding memorandum of understanding with Cobalt Partners to pursue redevelopment of about 16 acres in the 8600 block of North Broadway/North Harbor Drive into an indoor sports and recreation facility, and voted to allocate $19,500 from the village tourism fund to pay for a market research study. Trustee John Johnson moved to approve the MOU; Trustee Thompson seconded the motion, which passed.
The MOU outlines a framework, not binding commitments, for Cobalt to proceed with acquisition due diligence, site-plan analysis, rezoning and a potential tax-increment financing package. Nathan, a village staff member, told the board the village may consider a…
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