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Recommendation for approval of a term sheet with Wingspan Development Group for a multifamily housing development, the Foundry, at the Mayfair Collection (11220 W. Burleigh Street) and approval of associated contracts with Mannedge Consulting and Prism Technical
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Submitted by:
Economic Development Team
Department:
Development, City Attorney, Finance
A. Issue
Wingspan Development Group has requested Tax Increment Financing support for a multifamily residential building to be located at 11220 W. Burleigh Street behind the current Synergy apartment complex. The Economic Development Team and a third-party financial consultant from Baker Tilly have determined that the project is not likely to proceed without financial assistance and is recommending the terms that will be discussed in closed session.
B. Background/Options
Tax Increment District Overview
This 67-acre district was created in November 2012 to facilitate the redevelopment of the Burleigh Triangle area within the City. The first phase of development is located on the western-most 23-acre parcel and adaptively re-used existing warehouse space to create a 275,000 square foot regional specialty retail center known as Mayfair Collection.
The Common Council approved a term sheet for phase 2 of the project on October 6, 2015 which resulted in additional retail, a grocery store, a hotel, four restaurants, and a parking structure to support phases one and two. A third phase will include additional retail as well as more than 1,000 apartments. Terms for the first 260 apartments and 50,000 sq. ft. of retail were approved on August 2, 2016. Demolition of the Schoenick warehouse took place in 2020-2021 as well as the completion of internal roadways and utilities. The City is currently in negotiations for the acquisition of the necessary private property to complete a roadway under the interstate at the northern tip of the district. In addition, an 80 unit affordable housing building broke ground i...
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