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Finance committee approves early reimbursement to developer for Burley Triangle infrastructure
Summary
Wauwatosa City Finance Committee voted 7-0 to amend the Burley Triangle Phase 2 term sheet and advance a $2.3 million reimbursement to HSA, removing a $500-per-unit incentive and forwarding the matter to Common Council.
Wauwatosa City Finance Committee members voted unanimously to approve an amendment to the Burley Triangle Phase 2 term sheet and a Tax Incremental District (TID) No. 7 budget amendment that advances reimbursement to the project developer, HSA.
John, a city staff member presenting the item, said the reimbursement is for about $2,300,000 that the developer fronted years earlier to build infrastructure where the Mayfair Collection now sits. “These were funds the developer borrowed on behalf of the city, and we are just advancing that reimbursement early,” John said, adding the city is not providing new subsidy beyond the original agreement.
The action will reimburse HSA in March and removes a $500-per-unit incentive (about $369,000) that was a separate sweetener to encourage…
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