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Developers present proposed TIF term sheet for Phase 3 of Waunakee Business Park; board moves to closed session
Summary
MLG Development and Saint John Properties described a hybrid tax-increment financing proposal for Phase 3 of the Waunakee Business Park (approx. 27 acres, 21 developable, 6 acres for utilities/right-of-way). Board moved into closed session under Wisconsin statute 19.51(e) to negotiate the proposed agreement.
Representatives from MLG Development and Saint John Properties presented a proposed term sheet Nov. 28 for developing Phase 3 of the Waunakee Business Park and requested the board contemplate a tax incremental financing (TIF) agreement for Tax Incremental District (TID) Number 10.
Joe Bukovich of MLG Development said Phase 3 is roughly 27 acres, with about 21 acres developable and the remaining six acres for road right-of-way and stormwater facilities. He described a hybrid financing approach in which MLG would pay due-diligence and grading costs while the village…
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