Shorewood — With the intent of spurring further development in the village, officials are moving forward with preliminary plans involving creation of a fourth tax-incremental financing district that would include a relocated and refurbished Walgreens store along Oakland Avenue.
The Village Board on Monday awarded a $13,500 contract to Ehlers & Associates, a Brookfield-based financial planning firm, to assist in fleshing out the specifics within TIF No. 4.
Proposed plans within the village's newest TIF district include an 84-unit apartment complex on the west side of Oakland Avenue near the village's northern border. A parking lot for Sendik's currently occupies the site. As proposed, Walgreens would be located on the first floor of the development.
Ehlers' services will include collaboration with a variety of village officials - including members of the Community Development Authority. The firm will provide an analysis after its review and compile a report that will touch on such issues as income tax revenue projections throughout the life of the TIF district.
TIF is a mechanism that allows municipalities to borrow money for infrastructure improvements. The increased property tax revenue from the improved land is then diverted from the tax rolls to pay off the loan.
Village Manager Chris Swartz said a number of meetings will be held in the months ahead to solicit feedback from staff, elected and appointed officials and residents for the proposed development.
The village also has charged Ehlers with amending the terms within its first TIF district, an area near the new development site, and has awarded the firm a $5,500 contract to examine how projects within TIF No. 4 could work in conjunction with TIF No. 1.
"This amendment (to TIF No. 1) will allow improvements in TIF No. 4 to be financed by TIF No. 1 if there is a direct benefit," Swartz said. "(An example would be) adding a parking deck in TIF No. 4 and charging it to TIF No. 1 because there is a direct benefit. It could also include paving Wilson Drive, from Capitol (Drive) to Alpine (Avenue) and charging the work to TIF No. 1 because there is a direct benefit."
Funding for the TIF No. 1 amendment is coming directly from the budget for that district. Ehlers services for TIF No. 4 are being funded through the village's general budget.
- Dave Fidlin
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