Shorewood CDA votes to recommend Phase 1 for 19-unit affordable housing at 4450 N. Oakland Ave.

SHOREWOOD, Wis. — The Community Development Authority on May 30 voted to recommend that the Village Board consider a Phase 1 application from Sperl Commercial for a three-story, 19-unit affordable housing project at 4450 North Oakland Avenue.

The CDA's recommendation asks the Village Board to permit the project to move to a Phase 2 submission under the village's Policy 40 for public assistance using tax-increment financing (TIF) extension funds. The developer's maximum request is $1,700,000 in TIF extension funds; Sperl Commercial indicated it expects to request about $750,000 if other gap funding is secured.

The recommendation is advisory: the village board retains final authority. Rebecca (village staff) explained the process, saying, "The CDA is requested to provide a recommendation on the application and that recommendation would then be forthcoming to the village board." The CDA vote does not commit the village to a specific subsidy amount or to a land transfer; it simply advances the application to the board for further review.

Baker Tilly Municipal Advisors presented a financial "but-for" analysis commissioned by the village. Joshua Davis of Baker Tilly said the firm's analysis of the developer's pro forma produced an estimated internal rate of return "about 8% with incentive," and that "without the incentive, the project's not feasible." Baker Tilly noted the project's small scale (19 units) and…