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Council approves TIF term sheet for Mayfair Road multifamily project after detailed Q&A on TIF mechanics
Summary
The council approved a 20‑year tax incremental financing (TIF) term sheet with Cream City Real Estate for redevelopment at 2825–2835 North Mayfair Road after extended questions about how TIF works, base value, and a $100,000 affordable‑housing contribution noted in the term sheet.
The Wauwatosa Common Council approved a tax incremental financing (TIF) term sheet for a proposed multifamily development at 2825–2835 North Mayfair Road after a lengthy discussion explaining how TIF works and what protections exist for taxing jurisdictions.
Council members asked staff detailed questions about the structure and purpose of TIF: what constitutes the base tax payment,…
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