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
32°
H 34° L 21°
Partly Cloudy | 10MPH

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

» French Pastry School chef, Nebraska prof to lead natural yeast class at North Shore Boulangerie 10:30 AM

» Beer could flow during Glendale's Fourth of July 1/26

» Whitefish Bay native 'Kit' Carson was Rush Limbaugh's right-hand man 1/26

» Crews clear crash that closed left lane of northbound I-43 at Glendale Updated:  1/26

» Without Showalter, Germantown boys rally for win over Whitefish Bay 1/23

» Medical examiner's report released in death at Bayshore Town Center Updated:  1/22

» 21-year-old man who fell from Bayshore balcony has died 1/22

» Apartment project proposed for Glendale 1/22

» Washington boys basketball team too quick for Brown Deer, 59-49 1/21

» Fleeing the scene of a robbery, suspects crash stolen car near Whitefish Bay 1/19

» Strong fourth quarter lifts Homestead girls past Whitefish Bay, 44-34 1/17

» Bay boys hang on, 44-42, after losing big lead against Homestead 1/16

» Motivated Germantown wrestlers beat Nicolet, 63-15 1/15

» Suburban Selfies contest extended through Jan. 25; two selfie solutions to get you started! 1/15

» 109-lot subdivision approved in Mequon 1/13

» Man critically hurt in fall 20 feet from Bayshore mall balcony Updated:  1/13

» Bayside home damaged in Sunday fire 1/12

» Germantown boys late rally keeps Homestead at bay, 65-58 1/9

» Crews clear crash that closed lane of northbound I-43 at Bender Road Updated:  1/8

» North Shore school, municipal officials announce candidacy for April election 1/7

» Thousands remember, pay homage to Germantown great Datka 1/4

» Mequon police dog in failing health euthanized 1/2

» Brown Deer robbery suspects sought, stolen car found 12/30

» Glendale hotel drops Marriott brand 12/30

» Washington races by Whitefish Bay boys in the second half, 81-60 12/30

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Local Business Directory

CONNECT