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Developer presents Pier Street Landing TIF request for 51‑unit mixed‑use project; seeks roughly $2.6M reimbursement
Summary
Pier Street Development presented a pay‑as‑you‑go TIF request to support a 51‑unit mixed‑use project with underground parking. Developer Haley Dobre said extraordinary engineering and buried utilities drive an assistance request of a little over $2,600,000; council will consider the application Jan. 20.
Haley Dobre, president of Pier Street Development, presented a pay‑as‑you‑go tax‑increment financing (TIF) request to the Port Washington Common Council on Jan. 6 for a downtown mixed‑use project called Pier Street Landing.
Dobre said the proposal is for 51 rental units, two ground‑floor retail spaces and integrated underground parking (about 64 spaces in the latest design). She told the council the downtown infill site requires costly engineering — including earth retention, dewatering and utility relocation because of a high water table — and that those "extraordinary costs" total a little over $2,600,000, which she asked be treated as reimbursable eligible costs under TID 2.
Dobre said the project is currently within TID 2 and that TIF reimbursement would be a pay‑as‑you‑go structure with no upfront city funds; the developer will front construction costs and be reimbursed from new property‑tax increment as the development stabilizes. She said the city currently receives about $1,500 a year from the lot as a parking area, and projected incremental revenues would rise over the TID period, reaching roughly $300,000 a year after the TID expires.
A council member asked about the anticipated start date; Dobre said construction could begin in June 2026 with completion in 2027 if approvals proceed. Another council member raised the Trilogy consultant's memo and asked whether TIF increases investor returns; Dobre said the assistance makes the project financeable and helps raise returns from a marginal to a reasonable level for lenders and private investors.
Trilogy’s memo, cited by staff and the developer, concluded the project meets the "but‑for" test for eligible TIF assistance. Council members asked clarifying questions about parking, utility burial, and how the project would support downtown foot traffic and the BID. The council scheduled formal action on the TIF application for its Jan. 20 meeting.
No final decision on TIF assistance was made on Jan. 6; Dobre’s presentation and council questions provided the council with fiscal and feasibility details to inform the Jan. 20 action.
