TOWN OF BROOKFIELD - The
oft-discussed Corners development moved one step closer to reality
Tuesday, after Town of Brookfield officials approved a series of
The Town Board voted unanimously in favor of a resolution
approving the scope of Marcus Corp.’s plans for the Corners project,
which is to be anchored by a Von Maur department store.
In its resolution, the
board also gave its stamp of approval on the formation of a tax
incremental financing district as a mechanism to help fund the new
development. The Town of Brookfield made headlines several years ago
when Gov. Scott Walker gave the municipality authority to create a TIF
district - a first for an unincorporated community.
The final step in the
approval process will come next month when a joint review board will
review and act on plans. Members of the intergovernmental board will
include representatives from the town, Waukesha County, Waukesha School
District and Waukesha County Technical College.
The joint review board
is slated to meet and possibly act on the plans March 13.
intergovernmental body does give the green light to proceed, it will set
in motion the actual construction of the $125 million development, which
was first proposed three years ago as a replacement for the vacant West
Point Cinema and Menards stores, as well as the under-utilized West
Point Plaza shopping center.
In addition to
bringing Davenport, Iowa-based Van Maur into Wisconsin, Marcus has
touted The Corners as a development that could house upwards of 250,000
square feet in additional retail space and 150 apartments.
“This is a plan that
has been the subject of extensive reviews the past couple of years,”
said Mike Harrigan, senior financial advisor and chairman of Ehlers and
Associates. The town has retained Harrigan as a consultant during the
TIF review process.
According to terms
approved by the board Tuesday, Harrigan’s proposal calls for the TIF to
be paid off within 20 years. TIF districts can last as long as 27 years
under state statutes.
Although the board
gave the thumbs up to its developers’ agreement with Marcus and the
formation of its first-ever TIF district, it remains uncertain whether
the town will borrow funds to help fund its share of the agreement.
“There’s two things at
play,” Supervisor John Schatzman said. “The town is in no way obligated
at this point to borrow money with regard to what we’re doing tonight.”
If the town were to
take out bonds, Harrigan said, the board would need to take action at a
The timeline for The
Corners has shifted several times since plans were first unveiled nearly
three years ago. In their most recent announcement, Marcus officials
said they aim to open the development in fall 2015. For the proposal to
become reality, construction work would likely need to begin this