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Waukesha Joint Review Board reviews 2024 TID annual report, outlines five‑year closeout plan
Summary
City staff presented the 2024 tax incremental finance (TIF) annual report to the Joint Review Board, summarizing recent project completions, ongoing developments and a five‑year TID closeout strategy; the board took no action on the report and unanimously approved prior minutes.
The Joint Review Board for the City of Waukesha heard a presentation on the city’s 2024 tax incremental finance (TIF) annual report on June 19, 2025. Mayor Sean Reilly convened the meeting and the presenter reviewed maps, a financial summary and recent project activity across the city’s open TIDs.
The presenter said the report included a map of open districts and a 2024 financial summary showing when each district was created, project costs to date (as of 12/31/24) and the amount of increment in each district. “I’m not gonna go through every page, but I just wanna kinda give a brief overview of 2024 TIF activity,” the presenter said. The presenter noted several completed and in‑progress projects, including Sky Hair Marketing’s new headquarters, which the presenter said had “completed … and it’s opened and operating,” and that KTV Label is consolidating offices into a new headquarters.
The presenter described activity in TID 17, saying Associated Bank and construction of a Cobblestone Hotel are underway; the hotel was described as nearly to the second floor and “anticipated to open in May of next year.” The presenter also said the city is working with Mandel on a multifamily residential development (a term sheet is in place and staff are progressing on a development agreement), and that recent completions include Bridal Walk apartments and a new WILDEK industrial building and office.
The presentation reviewed recent TID closures and a five‑year closeout strategy. The presenter said Overland Filter’s TID closed effective 2024; a Racine 164 termination resolution was adopted and is effectively closed in 2025; and an affordable‑housing extension closed in 2025. Looking ahead, staff identified TID 12 (Walk Waukesha Corporate Park) and the Standard Theater area as targets to close in 2027, signaled a likely request to keep TID 11 open for an affordable‑housing extension with a possible close in 2028, mentioned possible partial parcel removals in 2029, and listed HSA on Northview Road as expected to close in 2030.
Board members asked whether the annual report required formal adoption; staff said it did not. A board member asked for the five‑year closeout slide to be circulated; the presenter agreed to forward that slide to the board after the meeting. The board recorded no public comments on the report.
Separately, the board approved prior meeting minutes (Sept. 9, 2024) on a 3–0 vote. Mayor Sean Reilly moved to approve the minutes; Andrew Thelke seconded. The meeting adjourned with no objections.
The presenter did not read specific dollar totals into the record during the presentation; the financial summary in the packet lists project costs to date (as of 12/31/24) but amounts were not stated aloud at the meeting. The presenter agreed to circulate the five‑year closeout slide to board members following the meeting.
