An aerial view of the proposed
The Corridor project.
BROOKFIELD - Plans for a proposed
mixed-use development on 65 acres of long-dormant land
are picking up steam, following a decision Tuesday by a
After meeting in closed session for
nearly an hour with Dan Ertl, community development
director, the city’s Community Development Authority
voted unanimously in favor of creating a fifth tax
incremental financing district.
The CDA in its recommended motion voted
to allocate $7,550,000 in public funding toward The
Corridor, a project pitched as a home for retail,
office, medical buildings and restaurants on the former
Ruby Farms and other property.
The Corridor is being spearheaded by
Milwaukee-based developer Mark Irgens on land north of
Interstate 94, west of Calhoun Road and south of
The CDA’s motion sets the stage for the
additional steps that must be taken before dirt can be
pushed and the project is brought to fruition.
The Common Council will ultimately have
the final say in whether TIF dollars should be allocated
toward The Corridor, and a public hearing will be held
in February to formally solicit public feedback.
Alderman Jeffrey McCarthy, who sits on
the CDA, made the motion to provide the $7.55 million in
TIF dollars for the first phase of improvements to the
site. Additionally, the CDA is proposing a contribution
toward all financing costs associated with getting the
development up and running.
But Irgens will be responsible for any
additional costs, including actual construction of the
phase-one improvements and any off-site costs.
The CDA’s motion came on the heels of a
report from a city-hired consultant, S.B. Friedman &
Company, which reviewed Irgens’ request for the public
In their report, Friedman officials
anticipated the total TIF-related costs for The Corridor
development clock in at $12.1 million after taking into
account such factors as capitalized interest, costs of
borrowing and debt insurance costs.
Friedman also asserted The Corridor could
bring an additional $49 million onto the city’s tax
Mayor Steve Ponto is among the city
officials who have backed the project.
“The Ruby Farm land is the prime
undeveloped commercial property in the city of
Brookfield,” Ponto said in a statement. “We are
committed to working collaboratively with Irgens to make
this development one of the premier developments in the
Milwaukee metropolitan area.”