NOW:53209:USA01012
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA01012
63°
H 63° L 52°
Clear | 9MPH

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.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.


Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.

Community Watch

» After win over Falcons, Shorewood baseball team has rough week 7/1

» Homestead baseball team now in NSC race 7/1

» Homestead will start turf work on Monday 7/1

» Nicolet baseball team notches huge win over West Bend West 7/1

» Whitefish Bay baseball team remains hot 7/1

» Three-day bus stoppage sends North Shore riders scrambling for transportation alternatives 6/30

» Shorewood concert series debuts July 8 6/30

» Burglary suspects allegedly target Bay couple at funeral 6/26

» St. John's Lutheran will celebrate 150th anniversary on Sunday 6/26

» North Shore 911 callers to receive lifesaving CPR instructions 6/26

» Bay baseball team gives Kaszubowski sweet send-off with 8-2 win 6/25

» Music in the Glen kicks off Sunday 6/24

» Mequon lawyer loses license as fraud trials loom 6/24

» No injuries in Shorewood apartment fire 6/23

» 2015 4th of July events in suburban Milwaukee 6/22

» Betty Brinn hosts STEM night 6/22

» University School was on "soft lockdown" after police shooting in Milwaukee 6/19

» Teenage girl reports abduction attempt near Nicolet 6/19

» Concordia Legion post to assemble care packages 6/18

» Shorewood hires Bryan Davis as superintendent 6/17

» Nicolet High School adopts 1:1 digital learning initiative 6/16

» Developer buys 112 acres of Mequon-Thiensville School District property for $2.9 million 6/16

» Shorewood weighs in on Estabrook Dam debate 6/16

» Centennial Bar and Grille closes, makes room for new Sobelman's in Mequon 6/16

» Germantown's five-run seventh beats Bay baseball team, 7-3 6/15

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Local Business Directory

CONNECT    

Advertisement