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Approval of a term sheet with MSP Real Estate, Inc. to construct affordable multi-family apartments at the Burleigh Triangle
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A. Issue
MSP Real Estate, a Midwest development company with a track record in Wauwatosa for developing successful multi-unit residential projects for a range of income levels is requesting Tax Increment Financing assistance for an 80 unit project at the Mayfair Collection at 11500 West Burleigh Street. A term sheet between the City and the developer is under negotiation.
B. Background/Options
Tax Increment District 7 - Burleigh Triangle was created in 2013 to redevelop a blighted property centered around an abandoned Roundy's warehouse. The master plan for the site calls for a mixture of retail, residential and office uses. The City of Wauwatosa received an application from MSP Real Estate, the developer, for financial assistance through Tax Increment Financing (TIF) to fund portion of the eligible costs related to the construction of an approximate 80-unit mixed income affordable housing project as shown on the map below. The project will include 1, 2 and 3-bedroom housing units within 2 buildings that are dedicated for both families and seniors within each respective building. The income levels of the units will be a mix of 30%, 50%, 60% and market rate levels. The land use has been approved by the Common Council and the full Planned Unit Development packet can be found here:
The developer has requested $2,275,909 of financial assistance through tax increment financing (TIF) from the City. City assistance would be the final source of funding required for the project to proceed. The other funding sources include Wisconsin Housing and Economic Development Authority tax credits, Federal Home Loan Bank Affordable Housing Program grant, Developer equity and a Milwaukee County Affordable Housing grant.
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