Concerned about the older commercial district on Port Washington Road south of Mequon Road, the Common Council on Tuesday decided to move ahead with the development of a plan for two tax incremental financing districts for the area. The council also approved a TIF district incentive policy that could spur redevelopment not only in the proposed new TIFs but also in the city's two existing TIFs.
Although there will likely be changes to the TIF proposals reviewed Tuesday by the council, two TIF districts, including mainly businesses abutting Port Washington Road, would stretch from Mequon to County Line roads along Port Washington Road, broken in the middle by an area that does not qualify for redevelopment.
One district begins at County Line Road and ends south of Stein's Garden Center and includes most, though not all, property on both the east and west side of the street. The Pavilions Shopping Center is included in this TIF.
The second district begins on the east side of the street with the Marathon Buildings, 10620 N. Port Washington Road, and moves south to Donges Bay Road where it expands to both the west and east sides of the street. The district ends at County Line Road.
Community Development Director Kim Tollefson said a TIF incentive policy open to projects that create a new construction value of $1.5 million above the value of existing buildings would help all TIFs in the city.
Developers who finance their own projects would be eligible for pay back of some development costs provided the project meets at least the $1.5 million value. The incentive would cover the cost to fix a site and/or demolish existing buildings on a site.
The council approved the incentive policy and will review and possibly approve the TIF plans in coming months.
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