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West Allis CDA approves development deal for former Saint Aloysius site at 1405 S. 92nd St.
Summary
The West Allis Community Development Authority approved a purchase-and-sale and development agreement with F Street 92, LLC to redevelop the former Saint Aloysius site at 1405 S. 92nd St. The developer-funded TIF caps public participation at $13,150,000 and the project would add 147 rental units; staff said closing is imminent.
The West Allis Community Development Authority on Monday approved a purchase-and-sale and development agreement with F Street 92, LLC to redevelop the former Saint Aloysius site at 1405 South 92nd Street.
Patrick (CDA staff) told the CDA the publicly supported portion of the deal is structured as a developer-funded tax-increment financing (TIF) arrangement capped at $13,150,000. He said the CDA’s financial modeling produces a net present value of about $7,000,000 for that public participation and estimated the developer would borrow about $26,180,000 and raise roughly $11,300,000 in private equity for the overall project.
Under the site plan described to…
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