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Resolution approving a term sheet for tax incremental financing with the Irgens Corporation for a multi-family development within the Research Park
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WHEREAS, Irgens Corporation, through its affiliate Research Apartment Development Partners, LLC, has requested Tax Incremental Financing (TIF) assistance to support construction of a four-story, 204-unit market-rate multi-family development within Tax Increment District No. 16 at the northeast corner of Wisconsin Avenue and N. Mayfair Road; and
WHEREAS, the developer has identified extraordinary project costs creating a financing gap, and an independent financial feasibility analysis prepared by Robert W. Baird & Co. determined that a Pay-As-You-Go TIF structure is appropriate; and
WHEREAS, the project supports the City's Strategic Plan goals related to economic development, housing supply, placemaking, and sustainability, and includes a one-time contribution of $222,000 to the City's Affordable Housing Fund; and
WHEREAS, the City finds that approving the term sheet will facilitate development that generates tax increment to support future improvements within the Research Park area;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Wauwatosa that the proposed Term Sheet for Tax Incremental Financing with Irgens Corporation, or its affiliate, is hereby approved in substantially the form presented; and
BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized to execute documents consistent with the approved Term Sheet and to take actions necessary to implement this resolution.
By: Financial Affairs Committee
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Recommendation: Approve 6-1
The Common Council may convene into closed session regarding this item pursuant to Wis. Stat. ?19.85 (1)(e), to deliberate or negotiate the purchasing of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require a closed session. The...
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