Thursday, May 12 2022

Cedarburg Common Council agreed to create an additional tax funding district that would bring 160 apartments and more than 60 homes to N49 W6337 Western Road, just east of the Ozaukee Intercity Trail.

The development will be on a degraded 12.76-acre parcel, the site of the former Mercury Marine Plant 1, which produced outboard motors from 1951 to 1982, according to the plan submitted to the city by Ehlers Public Finance Advisors on behalf of P2 Development.

“Parts of the old factory were demolished in 2020,” the plan reads. “Wilo Machine Co. currently operates out of the remaining building located on the site and will move that operation to its new facility in the Cedarburg Business Park.”

P2 Development offers 160 rental apartments in two buildings, 44 two- and three-bedroom rental townhouses and 26 pocket houses on the site.

The city plans to spend $17.08 million to undertake the projects listed in the plan. Costs include approximately $2.54 million for the Hanover Avenue extension, $930,000 for associated long-term debt interest and related financing costs, $13.48 million in development incentives and $130,000 for administrative costs, depending on the plan.

Based on the economic feasibility study cited in the plan, the city expects the district to generate a tax increase sufficient to repay all project costs within 20 of its allowable 27 years.

The city expects the project to be valued at $49.3 million upon completion.

“In addition to the additional land value that will be created, the city expects the project to provide increased opportunities for employment, personal income and business income related to the construction and operation of the project. , and provides housing opportunities for city residents,” the plan reads.

Resident Elizabeth Brennan told officials the proposal was not an appropriate development.

“It seems to me that this type of development is not what citizens are asking for or commenting on,” Brennan said during public comments at the meeting. “I would like to remind council that there have been municipal surveys that say so. I think the comments have been pretty clear, as far as management is concerned, that there is no affordable housing.

According to a Municipal survey 2021, 254 residents were satisfied with the affordability of living in Cedarburg; 383 residents said they felt negative.

Mayor Mike O’Keefe said one of the biggest requests from residents was for the city to provide more dining options. O’Keefe said the historic downtown is the “jewel of our city.”

“That’s kind of what I think makes us unique compared to other nearby communities,” he said at the meeting. “These are high-end accommodations, which will attract fairly affluent people who will visit our restaurants and stores.”

O’Keefe said the proposal solves the problem of more restaurants because having more customers is a way to expand the city’s dining options. He spoke of his personal experience of raising a family in the city.

“(Families) tend to put themselves in the position that my wife and I are in, where we’ve just finished a few kids out of college and maybe we’re looking to downsize,” he said. .

Construction would begin this year with the development of apartments and townhouses, and would continue until 2027.

The Joint Review Board on April 21 approved the TIF district. The project will now be presented to the Planning Commission in May and June to continue with the design and development plans for the project, City Administrator Mikko Hilzo said.

Eddie Morales can be reached at 414-223-5366 or [email protected]. Follow him on Twitter at @emoralesnews.

Previous

Three Mississippi women share their challenges with payday lenders

Next

Inside the mastermind behind HGTV's $1.8 million "House Hunters" NYC pad

Check Also