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Oconomowoc council approves two TIF agreement amendments for Olympia Field MD LLC and Newman Development
Summary
Council approved second amendments to tax incremental financing (TIF) agreements with Olympia Field MD LLC and Newman Development that set developer increment obligations and the city's public-improvement/development-incentive commitments.
The Common Council on Sept. 2 approved second amendments to tax-increment financing (TIF) agreements with Olympia Field MD LLC and Newman Development.
City staff explained that the amendment with Olympia Field MD LLC requires the developer to deliver $36,000,000 in increment value; the city’s obligation under the OneGuard project is $6,500,000 under a PAYGO arrangement tied to completion, per the project plan adopted earlier in August. The council approved the amendment by roll call.
The council also approved a second amendment with Newman Development that places a $50,600,000 increment-value obligation on the developer. Under the project plan, the city’s obligations include $3,750,000 in public improvements for Snyder Way and Highway 67 traffic work and a $6,000,000 development incentive. Staff described the incentive as payable in stages: $3,000,000 at 50% completion as determined by public works, and the remaining $3,000,000 as occupancy permits are issued.
Both amendments were approved on roll calls with no further comment from council.
Action: Council approved the second amendments to the TIF agreements with Olympia Field MD LLC and Newman Development as described; roll calls recorded unanimous approval.
