Cudahy officials plan to spend $440,000 to spur redevelopment of the vacant Kohl's Food Store on the northeast corner of Kinnickinnic and Plankinton avenues.
The money would come from unused tax-incremental financing funds allocated by the city last year for a proposed residential and business complex that never materialized.
The Common Council on April 21 authorized transferring the money to the Kohl's proposal. The Community Development Authority had previously approved the developer's financing plan for the project.
The city would be reimbursed with tax revenue generated by the development.
A developer is eyeing the abandoned grocery store site, but specific details, including the identity of the developer, have not been disclosed at this time.
Details likely will become public during a Tuesday, May 12, CDA meeting, CDA Chairwoman Sara Eberhardy said.
The site is outside the city's tax-incremental financing district. State law, however, allows TIF funds to be spent within a half-mile outside a TIF district. A public hearing must be held first.
Eberhardy said the allocation of TIF funds is key to getting the project accomplished.
"Those of us who know about the plans are very excited," she said.
Common Council President Joseph Mikolajczak said the Kohl's site was vacated about 15 years ago.
Chantel Balzell can be reached at (262) 446-6602.
WHAT: A public hearing will be held about whether the city should allow tax-incremental financing funds to be spent outside the TIF district.
WHEN: 5 p.m. Tuesday, May 12
WHERE: City Hall, 5050 S. Lake Drive
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