Mukwonago conducts feasibility study before TIF creation

By Katherine Michalets - Freeman Staff

Nov. 3, 2015

MUKWONAGO - Village staff members continue taking steps to gauge the potential success of a proposed tax incremental financing district that would be created to spur economic development before moving forward with the district’s creation.

Village Administrator John Weidl said he hasn’t drafted the official TID plan yet, which will partly depend on the results of a feasibility study that is underway.

A 120-unit development has been proposed for the former site of Lynch’s Horter Chevrolet at 915 S. Main St. The village bought the site for $1.2 million with the intent of luring in a developer to create a mixed-use high rise development with retail on the first floor and apartments or condos on the top floors.

Weidl said the feasibility study will tell village staff what the rental rates could potentially be, which will then give an idea of the top-end quality the village could build. The study will also collect information on the absorption rate, projecting how many units will likely be rented each month.

The property is under contract, Weidl said, and the hope is to have the official TID plan put together by the first quarter of 2016.

The deadline for the Lynch dealership to completely vacate the Main Street property has been pushed back by about a month until the end of January. Weidl said the business is only using the site for inventory. Lynch’s Horter Chevrolet has moved most of its operations to a more visible site near Interstate 43 close to Walmart.

Weidl said village staff have also requested information from the Department of Natural Resources to determine what kind of contamination may have occurred at the dealership site through the years and what would need to be done to clean it up.

“This is the village’s first time really engaging in redevelopment for itself,” Weidl said.