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Committee reviews F Street 92nd LLC redevelopment proposal and TIF request for 1405 S. 92nd St.
Summary
Council heard details of a proposed $37 million redevelopment at 1405 South 92nd Street by F Street 92nd LLC, including a purchase price to the CDA of $860,000, a CDA loan repayment of $990,000 at closing, and a tax-increment financing request of roughly $13.15 million over 24 years with a 6% city profit-sharing clause on gross profit after investor returns.
Committee members reviewed a purchase-and-sale and development agreement between the City of West Allis and F Street 92nd LLC for 1405 South 92nd Street. Speaker 1, speaking on behalf of the CDA presentation, said the developer will purchase the site for $860,000 and that the CDA loan of $990,000 for demolition assistance will be repaid at closing.
"Under this agreement, F Street [is] purchasing the site from the CDA for $860,000,"…
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