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Panel approves TIF term sheet for 92‑unit 'Latitude 43' after heated debate over affordability
Summary
After a lengthy presentation and debate, the Financial Affairs Committee voted 6–1 to recommend a tax‑increment financing (TIF) term sheet for Latitude 43, a proposed 92‑unit market‑rate apartment on Mayfair Road; the developer pledged $100,000 to the city's affordable housing fund and the committee split over inclusion of affordable units.
The Wauwatosa Financial Affairs Committee on March 17 recommended approval of a tax‑increment financing (TIF) term sheet for Latitude 43, a proposed 92‑unit market‑rate apartment development at 2825‑2830 North Mayfair Road, after a lengthy presentation from the developer and extended committee debate about affordable housing and subsidy levels.
City staff and the municipal adviser presented a proposed assistance package and recommended terms; staff initially described an MRO note present value of $2,850,000 during the presentation. Developer Ignacio Garcia (Cream City Real Estate Investments)…
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