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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. "Our total project cost as it sits today, is approximately 63,882,000," the developer said, and the initial TIF ask presented to the council was $7.5 million. The developer explained that interest-rate assumptions — cited at about 5.75% in the presentation — materially increase the TIF percentage as a share of project cost and drove much of the current request.
Staff framed the request against the city's TIF policy, comprehensive plan and housing study, noting the project aligns with the city's emphasis on infill housing and workforce-range units (about 80%–120% of area median income). The developers also said they would partner with Pathways Home to reserve roughly 18–25 supportive beds within the project to serve people who need light supports.
Council members asked about changes to renderings and building layout (the project has been revised to increase density and add an additional building), neighborhood outreach (developers said they had held several meetings and received generally positive feedback) and timing (remediation to begin this winter, phased construction starting with a corner building in April and full stabilization by 2030).
After discussion, the chair read a motion to convene in closed session under Wisconsin Statute 19.85(1)(e) to "formulate and update negotiation strategies and parameters." The motion was made by Council president Dickerson (transcript also names "Dickinson") and seconded by Commissioner Lee; the body voted to move into closed session. No formal TIF commitment was recorded in open session.
