Plans in works for former Kohl's Food site
A developer is eyeing the abandoned Kohl's Food Store lot, but the specifics are unknown at this time.
Community Development Authority Chairwoman Sara Eberhardy said an outline of how the developer would finance the project was discussed during a closed session meeting Tuesday. Afterwards, the CDA convened in open session, and voted unanimously to approve the financial structure in concept, she said.
The identity of the developer has not been disclosed at this time.
The site at Plankinton and Kinnickinnic avenues is outside the city's tax-incremental finance district, but the project may be eligible for TIF funding because the state now allows TIF funds to be spent within a half-mile of a TIF district.
Tax-incremental financing, or TIF, is a mechanism that allows municipalities to borrow money to fund infrastructure improvements for an area that otherwise would be difficult to develop or redevelop. The increased property tax revenue from the improved land is then diverted from the tax roll to pay off the loan.
Eberhardy said the allocation of TIF funds are key to getting the proposed project accomplished.
Plans for the vacant site are consistent with the Cudahy 2020 Comprehensive Master Plan, she said.
"Those of us who know about the plans are very excited," she said.
Specifics on the proposal likely will be disclosed next month, she said.
Common Council President Joseph Mikolajczak said the Kohl's Food Store site has been deserted for about 15 years.
