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Redevelopment authority approves $115,000 storefront loan increase for 245 West Main Street
Summary
The Waukesha Redevelopment Authority unanimously approved a $65,000 increase to a previous $50,000 storefront activation loan for 245 West Main Street, raising the total to $115,000 and moving the loan to a 10‑year amortization with 1% for the first five years and 2% thereafter.
The Waukesha Redevelopment Authority voted unanimously to increase a Central City storefront activation loan for the property at 245 West Main Street by $65,000, bringing the total loan to $115,000.
Staff told the authority the original loan, approved in May 2023, was for $50,000 at 1% interest to help finish tenant‑space build‑out. According to staff, the borrower discovered the property needed a full roof replacement and membrane; staff recommended approving a $65,000 increase to cover that work and moving the loan to a 10‑year amortization, with 1% interest for the first five years and 2% for the final five. "So what we'd recommend for that would be approving the loan increase of $65,000," the staff presenter said.
Committee members voiced support for the project. "I like what they've done to the property so far…literally, night and day difference," one member said, adding they did not want the work to stop now that interior and exterior improvements are underway.
Members asked whether spending the storefront activation funds on a flat roof is an appropriate use of the program. Staff said facade grants historically covered pitched roofs and exterior-facing improvements, while the storefront activation program focuses on activating interior tenant space; in this case staff concluded the roof work is part of making the tenant space usable. The staff presenter noted the estimate included a small contingency and that the increase was necessary to finish the project.
The authority also discussed the program's cash position and federal ARPA deadlines. Staff said the storefront activation account would have about $175,000 remaining after the loan increase and that the city's ARPA‑funded balances should be committed by October and spent by the end of next year. "So we've probably got about 5 of these that are already in repayment," staff said, noting repayments will help replenish the fund over time.
A motion to follow staff's recommendation was offered, seconded and approved unanimously. The authority did not record individual vote names on the record but the chair declared the motion passed and extended good wishes to the property owner, identified in the agenda as Viscara Properties.
The loan approval completes the authority's action on agenda item 24‑10521; staff will proceed with loan documentation and monitoring as usual.
