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Committee recommends TIF increase and term extension for 100 East Wisconsin amid rising costs
Summary
The committee recommended a developer-financed increase to the tax-increment financing package for 100 East Wisconsin (TID 127), boosting the TIF ceiling and extending the repayment term to account for roughly $21 million in increased project costs tied to higher construction and financing costs.
Department of City Development (DCD) staff told the committee that market shifts since initial TID approval have raised overall project costs for the 100 East Wisconsin conversion by about $21 million. The amendment proposes increasing the developer-financed TIF from $14.4 million to up to $16.6 million and lengthening the TID term from 16 to 20 years.
DCD’s Larry Kilmer explained the project remains a…
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