I am an Ultra-Conservative, Alpha-Male, True Authentic Leader, Type "C" Personality, who is very active in my community; whether it is donating time, clothes or money for Project Concern or going to Common Council meetings and voicing my opinions. As a blogger, I intend to provide a different viewpoint "The way I see it!" on various world, national and local issues with a few helpful tips & tidbits sprinkled in.
Randy, please post for me!
When the Wal-Mart in 2007 was looking at building on the
Now in 2009, the developers Cobalt Partners are rumored to bringing in Shopco and the development value is only $18 million plus the city has to kick in $6.6 million toward a retail project and it doesn’t even have to start until the end of the legislative session in 2011. Retail value of less than $12 million then.
Cobalt Partners can just sit on the land until it gets a bill passed while the
So Mayor Ryan McCue is ok with using TIF money as long as it is not Wal-Mart and
Here is the story referenced above.
Cudahy OKs unusual financing plan for proposed development
By Tom Kertscher of the Journal Sentinel
Cudahy — The Common Council on Tuesday approved an unusual agreement with a developer under which the city would contribute $6.6 million toward a retail project, but only if the developer can get a bill passed by the Legislature.
Cobalt Partners of Milwaukee has until the end of the legislative session in 2011 to get the bill approved.
The legislation would allow
Eberhardy said Wednesday that the city used a TIF district to redevelop the area around the Cudahy Connection condominium project. The redevelopment has generated more than enough property tax revenue to pay off the debt that was used to finance the redevelopment work, she said.
The city would like to use $3.1 million of that excess in creating another TIF district for the southwest corner of
The city would acquire the parcels only if a bill is passed to allow the movement of tax revenue from one TIF district to another. If such a bill is passed, the city would create the new TIF district and borrow $3.5 million that would be used toward an environmental cleanup of the land.
As long as a TIF district stays active, its property tax revenue is used to pay off debt and doesn't flow to the rest of the city, the school district and other local governments.
Ultimately, Cobalt plans to put a retail development at the site, Eberhardy said. Under the development agreement, the project would have to have a value of at least $18 million, she said.
Some of the land near the intersection that is used as a dump would continue to be used as a dump, Eberhardy said.