Gov. Walker to sign Brookfield TIF legislation at Town Hall
Legislation allowing the Town of Brookfield to create a tax incremental financing district to help fund public improvements at a retail and office development will be signed Thursday by Gov. Scott Walker at Town Hall.
The signing ceremony is to take place at 2 p.m.
The legislation, sponsored by Sen. Richard Zipperer and Rep. Paul Farrow, both Republicans from Pewaukee, passed the Senate unanimously and the Assembly on a voice vote.
Towns are otherwise not allowed to use TIF districts to help finance retail projects.
The $100 million development proposed in the Town of Brookfield by Marcus Corp. would replace an empty Menards home improvement store, the former West Point Cinemas and a small strip retail center. It will have over 600,000 square feet, and will be anchored by a Von Maur department store.
The 19-acre project site is north of I-94 and east of N. Barker Road.
“Creating this TIF District in the Town of Brookfield is about helping the private sector put 250,000 Wisconsinites back to work,” Walker said in a statement.
The legislation was opposed by City of Brookfield Mayor Steve Ponto and the owner of Brookfield Square, Chattanooga, Tenn.-based CBL & Associates Properties Inc. They're worried that the Marcus development will draw retailers away from Brookfield Square and other W. Blue Mound Road buildings, and result in jobs being shifted from one retail center to another instead of being created.
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Commercial Real Estate News
Milwaukee Development Commissioner Richard "Rocky" Marcoux is being recommended for a fourth term by city officials.
The Zoning, Neighborhoods and Development Committee voted 4-0 Tuesday to recommend confirmation to the full council.
Ald. Milele Coggs abstained, saying she wants more effort to improve conditions for those portions of her district that include some of Milwaukee's poorest residents.
Find property assessments for other communities throughout the state at AssessorData.org.
The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.
The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.
The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals
The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.
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