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.

If the 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 different date.

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 spring.