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
43°
H 45° L 43°
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

» Stiever and Cedarburg too much for Homestead football team, 40-27 9/26

» Preps football photos of the week: Sept. 26 9/26

» Glendale, Oak Creek hotels sold to Los Angeles firm Updated:  9/24

» Delivery man cited for swearing when woman asks him to move his truck 9/22

» Preps football photos of the week: Sept. 19 9/19

» River Hills adopts sex offender zoning restrictions 9/18

» Sears will close Bayshore store 9/18

» Hassless Mattress opens 4 worker-less retail outlets 9/17

» Mequon named top K-12 district in state 9/16

» Brown Deer trustees approve Lighthouse project 9/15

» Preps football photos of the week: Sept. 12 9/12

» Banks delivers big run as Greenfield rallies 9/12

» Four-story assisted living center moves forward in Brown Deer 9/9

» Preps football photos of the week: Sept. 5 9/7

» Germantown football team rallies to beat Bay 9/6

» Despite another Herculean effort from Brown Deer's Baun, Rockets win thriller 9/6

» St. Monica to host car wash 9/5

» Upscale barber Groom will expand to Shorewood 9/3

» Poll: Will Whitefish Bay or Germantown win in Week 3 matchup? 9/2

» Preps football photos of the week: Aug. 29 8/29

» The social media story of Homestead at Arrowhead football 8/29

» Allen leads Homestead football team to 24-20 victory over Arrowhead 8/28

» Bay boys soccer team opens NSC defense with 3-0 win over GT 8/26

» Reward offered in search for suspect in Mequon heroin dealing 8/26

» Poll: Will Homestead or Arrowhead win in Week 2 matchup? 8/26

View All Posts Got a tip? Welcome rss
Deal Watch - Milwaukee

Milwaukee's Best Discounts & Deals

Advertisement

Local Business Directory

CONNECT