Village to contribute $1.1 million to Deerwood project

Office building would be in Original Village

May 23, 2007

The Brown Deer Village Board on May 21 approved a revised development agreement with Deerwood Offices LLC for a 21,850-square-foot office building that would be built on a vacant lot in the Original Village.

The board in October 2006 approved a development agreement for the proposed development of the 2.2-acre lot at 8650 N. Deerwood Drive. Under the terms of the revised agreement, the village would contribute $1.1 million to the project, rather than the previously agreed upon $760,000, through tax-incremental financing.

The site is within tax-incremental financing district No. 4.

Tax-incremental financing is a mechanism that allows municipalities to borrow money to fund infrastructure improvements for an area that otherwise would be difficult to develop or redevelop. Money that would ordinarily be used to pay taxes on the increased value of the property is diverted from the tax roll to pay off the loan.

Under the terms of the agreement, the property must have a minimum value of $3.8 million as of Jan. 1, 2009. If the value is less in any given year, the developer would be obligated to pay the village the difference in property taxes due on the $3.8 million value.

Village Attorney John Fuchs said the cost of the building, per square foot, has increased.

"For lack of a better term, call it an upgrade," Fuchs said.

The plan has been changed slightly to partially sink the first floor of the three-story building, and the stormwater plans have changed to allow for better drainage on the site.

Planning and Zoning Specialist Nate Piotrowski said the stormwater changes include grading and plantings in swales on the property.

"The swales on the east side of the property are deeper to help the (water) flow," he said.

Drainage from the roof will still go to a fountain in a courtyard.

Wade Weissmann Architecture and Jon Schlagenhaft Design would be located in the building.

Mary Buckley can be reached at (262) 446-6615 or mbuckley@cninow.com.

Community Watch

» Initial Reaction Podcast: Menomonee Falls baseball virtuoso Ty Weber and Big Ten Media Day Updated:  7/29

» 12-year-old Shorewood journalist gets her scoop at the Republican National Convention 7/28

» Whitefish Bay woman takes home grand prize at the Hottest Kitchen Entrepreneur Challenge Updated:  7/27

» Backups of more than 3 miles reported on northbound I-43 at Good Hope 7/27

» 92-year-old Shorewood building will be torn down to make way for North Shore Bank building Updated:  7/27

» Former legislator competing against political organizer for his old Assembly seat 7/27

» Whitefish Bay family's treehouse is a work of art 7/27

» Nicolet High School hires David Coyle as associate principal 7/27

» Shorewood baseball team fought back late in season 7/27

» Lund is new Nicolet girls basketball coach 7/27

» Nicolet baseball team improved despite its youth 7/27

» Kasmarick adjusting to life as Whitefish Bay athletic director 7/27

» Social media story on the storms rolling through Milwaukee area 7/21

» Milwaukee's first surf shop rides into Shorewood Updated:  7/21

» Rock climbing wall, trampolines might come to Brown Deer business park Updated:  7/20

» Whitefish Bay baseball team ends Shorewood magic with regional win 7/20

» Nicolet baseball team goes down fighting in regional loss to Kewaskum 7/20

» Whitefish Bay's Rybakowicz shuts out Brown Deer in regional semi 7/20

» Initial Reaction Podcast: Wisconsin Badgers football, WIFCA All-Star game 7/20

» West Bend West's Burns beats Whitefish Bay baseball team on mound, at plate in sectional 7/20

» Maslowski oversaw creation of nine tax incremental financing districts 7/19

» Maslowski transformed Glendale in impactful career as city administrator 7/19

» Development is off the table in Wilson Drive discussions 7/19

» Debbie Roesner appointed to Fox Point-Bayside School Board 7/19

» Bublr makes push for extra bike rental stations in Shorewood 7/18

View All Posts Got a tip? Welcome rss

Best Summer Ever

 

We've made it easy for you to get out and go this summer. From hitting the trails for a bike ride or walk, to where to find beer gardens in the area, to the best places to swim in Waukesha County to the best summer drinks and summer reads, check out our 2016 summer guide.

Advertisement

Advertisement

CONNECT    

Advertisement

Most Popular