Questions Raised About Viability of Town Financing Plan for The Corners Project
County and school officials concerned about whether major retail-office-housing project at the I-94/Barker Road exit could repay $37 million in debt — plus interest — in a required 16-year deadline. If not, taxpayers could be on the hook.
A review panel Tuesday raised concerns about the viability of a proposed $37 million Town of Brookfield public financing plan intended to help spur a major retail-office-housing redevelopment. Representatives of Waukesha County, the Waukesha School District and Waukesha County Technical College questioned whether the ambitious project, which would include Wisconsin's first Von Maur store, could generate enough tax revenue to pay $37 million in town debt by a 2028 deadline. The five-member panel has to sign off on the creation of the taxing district, which is a key part of the plans for the project. Norm Cummings, Waukesha County's director of administration, said he wanted to support a town incremental financing district for the project, …
quiteconcerned
4:49 pm on Friday, September 21, 2012
Randy, the reason I bring up the incorporation connected to this development is because it is. The media have covered public records that showed discussions of the incorporation as a means of gaining access to 27 year TIF payback period allowed for cities and villages vs. the 16 year allowed for Towns. The conclusion is that the numbers don't work for the Town at 16 years, which is what they are … more ›