OCONOMOWOC — With the hope of shepherding future
development, city officials on Thursday approved a pair
of project plans linked to two tax-incremental financing
Eagles Landing at Lac La Belle is a 21-unit condominium
building that will be constructed overlooking the lake
on Wisconsin Avenue.
special meeting, the Common Council approved TIF
district plans for land in and near the proposed Eagles
Landing site, in addition to a smaller area of land in
another area of the city.
Duffy, the city’s economic development director, was in
the hot seat throughout much of the meeting, fielding
questions about the practicality of TIFs, which are
mechanisms that allow municipalities to borrow money for
increased property tax revenue from TIF-bound land
improvement is then diverted from the tax rolls to pay
off the loan.
of the council’s attention focused on the proposal of
Eagles Landing at Lac La Belle, a 21unit condominium
building in the city’s TIF district No. 5. Ten Point
Properties Inc. is overseeing the development.
and Sue Neumann, who own Ten Point Properties, reached
an understanding with American Legion Post 91 in August
that the building that once held the Spinnakers
restaurant would be sold to the Neumanns if the council
signed off on the conceptual plans.
Duffy said Eagles Landing would bring added tax
increment to the city in the long run as the development
gets underway. He also said the work would spur
additional improvements along the lake, including a
nearby boat launch.
Eagles Landing, Duffy said, fits hand-in-glove with a
13-year-old downtown master plan that is on the city’s
books. TIF, he said, “Is one of the tools we’re able to
council backed the TIF project plan surrounding Eagles
Landing, though Alderman Michael Miller dissented.
Several council members questioned the rational behind
having to vote on a large-scale project at a special
meeting on the cusp of a holiday weekend.
in favor of this, but I’m not in favor of the perception
this gives,” Alderman Derek Zwart said. “We should
really work hard to have important things like this at
council heard from several speakers on the Eagles
Landing development in advance of the vote.
American Legion Post 91 Commander Bill Winkels said he
and other members favored the condominium plans. The
group recently held its last meeting in the old
Spinnakers building and is at least temporarily meeting
at the VFW Post 2260 building in Oconomowoc.
Eagles Landing, Winkels said, would continue to support
positive economic development in the city’s downtown
have a lot to be proud of,” Winkels said. “Just seeing
how we have our stores filled is a real blessing. It
makes our city strong.”
longtime resident Pat Herro was less enthusiastic about
another large development in the heart of the city.
Herro reflected on her early years in the community and
used words such as “ambiance” and “beautiful” to
describe that period of her life in Oconomowoc.
second project plan approved Thursday is for TIF
district No. 6. It is smaller in scope and reflects a
17-parcel site near Pleasant and St. Paul streets. Most
of the property formerly housed a pair of gas stations
and is being eyed for future development.
Duffy said the projected life of TIFs No. 5 and 6 are a
dozen years apiece, meaning both should be paid off by
2029, based on projections from third-party consultants.
<<EARLIER: City approves redevelopment
agreement for Eagle’s Landing at Lac La Belle