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Shorewood Ready to Provide $10 MiILLION for a PROJECT that is PREDICTED NOTto be PROFITABLE

Shorewood Finaincing Project, up to $10 million, Walgreens, Pick n Save, Project predicted not to be Profitable

In his Land and Space Blog of April 15, 2011 Journal Sentinel business reporter Tom Daykin wrote about a new project in Shorewood -- from that posting:

"Shorewood might provide up to $10 million to help finance a $32 million development that features a Walgreens store, 84 apartments and two separate parking decks that include 94 spaces for free public parking.

That's according to Mike Harrigan, of Ehlers and Associates Inc., a consulting firm hired by the village to evaluate the financing proposal. He spoke at a Friday meeting of the Shorewood Community Development Authority.

The two firms plan to develop a six-story building west of N. Oakland Ave. and south of E. Kenmore Place, on the parking lot for Nehring's Sendik's grocery store. The new building would relocate Walgreens from its current location across Kenmore Place, and include apartments on the upper floors.

The parking structures would provide spaces for the apartment residents, and residents of a nearby apartment building operated by Katz Properties Inc. They also would provide free parking for customers of Walgreens, Sendik's and other nearby businesses.

The village's financing is needed because the rental income provided by Walgreens and the apartments doesn't cover the costs of the parking decks, Harrigan said.

Once Walgreens moves, Roundy's Supermarkets Inc. is expected to pursue plans to redevelop a nearby Pick 'n Save supermarket.

Roundy's controls two blocks west of Oakland Ave. between Kenmore Place and Wood Place."

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I am confused as to why Shorewood will even consider providing funding, when it is publicly announced that the income of the project will NOT cover the costs.

And this is just round one --- how much money will Roundy's ask for when they decide to build their new building.

Is our Village Board and Administration being hoodwinked into providing financing to every venture that comes along.  Stores like Walgreens and Pick and Save are NOT going to leave "Shorewood, as long as they are making money here --- and with the present demographics, Shorewood must be very high on their list of desirable locations.

And if they can get someone else to help pay for it (Shorewood Taxpayers) well, why not?

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