Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Redevelopment Finance topic
No spam. Unsubscribe anytime.
West Allis CDA outlines $1 million demolition loan plan for former St. Aloysius site; decision pending
Summary
City staff told the Community Development Authority the CDA would request a $1,000,000 demolition loan from city reserves to F Street 90 Second LLC for the redevelopment of 1405 S. 90 2nd St.; Common Council approval and additional financing steps remain before construction can begin.
West Allis Community Development Authority staff said the authority will ask the Common Council to approve a $1,000,000 demolition loan from city reserves to F Street 90 Second LLC to advance redevelopment of the former St. Aloysius site at 1405 South 90 Second Street, with final approvals and construction financing still outstanding.
City staff said the loan would be a 12‑month note at 6.5% interest, with 50% of interest paid monthly and the remainder accrued until paid off at closing of the construction loan. The CDA would require mortgage collateral on the land and will seek a personal guarantee if available; the loan is intended to be repaid at the construction‑loan closing.
"They have contracted with MRD ... there’s asbestos abatement, different demolition," city staff member Patrick said, describing the developer’s demolition contractor and the plan to begin demolition in June if permits and approvals align. Patrick also said the project team will hold a public hearing on the land sale at the CDA meeting on June 10 and that planning commission review of demolition was scheduled for late May.
Staff described a phased plan: 52 garden‑style apartments followed by a 100‑unit multifamily building, with the developer seeking tax‑increment financing and $5,580,000 in equity. Patrick said the CDA is reviewing pro forma financials with SB Freeman and will not disperse funds until documentation of payments and financing commitments are provided.
The CDA emphasized the loan is not final. Patrick said the CDA planned to ask Common Council for authorization on May 20 and to return on June 10 to approve the raze and demolition agreement and the loan award; a full development agreement would come later this year. Staff said the goal is to start construction on the garden‑style units by fall, subject to demolition bids, final financing and permits.
The CDA asked the developer to provide neighbor notifications (a flyer being drafted) with contact names, and staff said demolition and design approvals will return to regular review channels before construction proceeds.
