HARTLAND - Without the creation of a public financing
district, it’s unlikely that vacant lots and an older strip mall
would be redeveloped, advised Ehlers Senior Financial Advisor James
Mann gave a presentation on an existing tax
incremental financing district and a proposed one - both in the
downtown area - during a joint Plan Commission and Village Board
meeting Monday evening that followed a regular Joint Architectural
Board and Plan Commission meeting. While no action was taken during
the meeting, possibilities were presented to the officials with the
intent of holding a public hearing on the matter June 4.
The plan for Riverwalk Apartments on Capitol Drive
includes three buildings, two of which would be all residential and
a third containing commercial space on the first floor and
residential on the second floor.
After discussing the plans with developer Joe
McCormick last week, Village Administrator David Cox said, McCormick
and the village staff reached a tentative agreement involving tax
incremental financing of $1.75 million, which would cover costs such
as building acquisition, building demolition, a $356,100 development
incentive and other initial expenses.
One-third of the total, $528,000, would be paid up
front by the village with the remaining $1.222 million dispersed
over time, Cox said.
Mann said once the Riverwalk project is completed,
its assessed value would be between $8 million and $10 million. If
the value comes in closer to the $8 million mark, Mann said the TIF
district would close by 2033. If it comes in more toward the $10
million mark then it could close as early as 2029, he said.
“It certainly would be a good addition to your
downtown,” Mann said to the joint committees.
Part of any upcoming discussion regarding TIF
districts will be the possible closure of TIF No. 4 in the downtown
area, which has been in the red for a while. The village is
suggesting adjusting the boundaries of TIF No. 4, created in 2008
and already shrunken once, to help it to be in the positive.
Most of the money that would be collected from the
district going forward would then be applied to advances given for
development, Mann said; however, the village would come up about
$150,000 short because of the expenses attributed to TIF No. 4.
Trustee Richard Landwehr asked where the $150,000
came from originally.
Cox said it was from a fund solely used for
encouraging future development.
“You are basically making a decision to almost close
TIF No. 4 recognizing that you are not going to recoup all of the
dollars that you are going to put into it,” Mann said.
In other Joint
Architectural Board/Plan Commission meeting news:
HARTLAND - No one from the public spoke during a
hearing on a proposed 32-bed Memory Care CBRF at 430, 438 and 444
Merton Ave. Several items regarding the project were approved,
including site and building plans, land use plan amendment, zoning
and conditional use permit.
A 25,000-square-foot expansion for the existing
126,000-square-foot Dorner Manufacturing, 975 Cottonwood Ave., was
approved. The space will be used for expanded manufacturing