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
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.
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.
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.
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.
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.