Village to contribute $1.1 million to Deerwood project
Office building would be in Original Village
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 email@example.com.
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