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West Milwaukee approves TID No. 5 and $2 million incentive for 3900 W. Lincoln Ave.
Summary
The Village Board unanimously approved Resolution 10-R-24 to create Tax Incremental District No. 5 and authorized a $2 million developer incentive for a project at 3900 W. Lincoln Ave., with payments split between foundation and occupancy milestones.
The West Milwaukee Village Board on July 15 approved the creation of Tax Incremental District No. 5 and authorized a $2 million developer incentive for a proposed project at 3900 W. Lincoln Ave.
Trustee Schuettke moved to approve Resolution 10-R-24 creating the district and its project plan and boundaries; Trustee Hill seconded and the roll call vote was unanimous. The board then approved the developer agreement and the $2 million incentive, also on a unanimous roll call. Under the approved agreement the incentive will be paid in two installments: $1 million at the footings and foundation phase and $1 million at occupancy.
The Village Administrator noted a Joint Review Board meeting is scheduled for July 20 to finalize the TID creation. The board did not discuss detailed fiscal projections or the developer’s identity in the meeting record; those details will appear in the project plan and review documents at the Joint Review Board and future meetings.
The motion’s proponents said the TID and incentive are intended to support the planned development at the specified address; no public comment opposing the measure was recorded in the minutes. The resolution (10-R-24) and the developer agreement passed by unanimous votes.
