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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," Speaker 1 said, adding that the CDA previously loaned money for demolition "that was 990,000. That's also getting repaid at closing." The project as described includes a two-building garden-style component (42 units) and a 105-unit mid-rise, with amenities such as rooftop patios and dog-exercise areas.
Speaker 1 told the committee the development requests tax-increment financing of about $13,150,000 spread over approximately 24 years and that the city would receive a 6% profit-sharing payment on gross profit after investor returns when applicable. The presenter described the development as a roughly $37,000,000 project with a projected assessed value around $31,000,000 and estimated annual tax receipts near $600,000.
Committee members asked clarifying questions; the transcript excerpt shows discussion and presentation but does not record a final council vote on the purchase-and-sale/development agreement in the provided segments. The presenter said an outside financial consultant reviewed the deal to ensure market terms and protections for the city's investment.
Follow-up: The transcript does not include a final vote or specific conditions from the full council in the provided excerpt. Staff and the CDA will proceed per the committee's process and any additional approvals required by ordinance or council action.
