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Developers outline 247-unit Copper Rocks plan and $7.5M preliminary TIF ask; council moves to closed session
Summary
Developers presented a proposal to build 247 housing units and commercial space on the former Kmart site at 2415 State Road and requested a preliminary TIF term sheet worth $7.5 million; staff and developers stressed that high interest rates drive the funding gap. The council discussed neighborhood engagement and then moved into closed session to discuss negotiation strategy under Wis. Stat. 19.85(1)(e).
Developers on Sept. 24 presented the Copper Rocks redevelopment proposal for the former Kmart site at 2415 State Road, outlining plans for 247 housing units, a commercial component (including a medical end user) and a preliminary Tax Increment Financing request of $7.5 million to close the project financing gap.
Marvin Wanders, a local representative identified in the transcript, and developer Alyssa Lee described the project's evolution and emphasized the financial pressures created by rising interest rates.…
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