Ruby Farm development may get $7.5 million in aid from Brookfield

By Katherine Michalets - Special to The Freeman

Jan. 23, 2015

BROOKFIELD - A large proposed development to include retail, office and medical buildings may receive $7,554,000 in public funding from Brookfield as part of a newly created tax incremental financing district.

After recently hearing a report from a city-hired consultant, S.B. Friedman & Company, which reviewed developer Irgens’ request for TIF funds, the Brookfield Community Development Authority is set to discuss the specifics of the proposed agreement during its meeting 4:15 p.m. Tuesday.

According to information prepared for the CDA, the total costs associated with the financing of $7.5 million of projects costs equals approximately $12.1 million after adding the capitalized interest, costs of borrowing and debt issuance costs.

The tax value of the expected first phase of the new development, called The Corridor, is projected to be approximately $49 million (or $48 million net after subtracting the base tax value), according to city documents. The amount of new taxes expected to be generated by the projected new development is estimated to be approximately $12.1 million over 16 years.

“The Ruby Farm land is the prime undeveloped commercial property in the city of Brookfield.  We are committed to working collaboratively with Irgens to make this development, known as ‘The Corridor’, one of the premier developments in the Milwaukee metropolitan area,” Brookfield Mayor Steve Ponto said in a statement.

Irgens is expected to privately finance at least $1.17 million in development costs that will not be recoverable through the TID No. 5, according to the documents.