Bay working out tax incremental financing details for Mandel luxury apartments

Aug. 7, 2012

Whitefish Bay - Whitefish Bay officials are working with developer Mandel Group and financial advisory firm Ehlers Investment Partners to hash out details of a tax incremental district for the developer's proposed $28-30 million luxury apartment complex.

Ehlers Senior Financial Advisor Michael Harrigan presented a preliminary draft Monday night to the Community Development Authority, tentatively outlining a $1.8 million investment from the village in the form of general obligation bonds. An approximate amount of $2 million will go into a "developer TIF," which will allow Mandel Group to pay off a portion of its project debt with property taxes from the proposed development. 

Nearly $1.1 million worth of air rights over the current municipal lots would be granted to Mandel as part of the project, rounding out an estimated $4.9 million in public investment. 

An additional $14 million of property value is expected to be added to the proposed TID as a result of the 100-unit luxury apartment complex, according to the Ehlers report.

The CDA ultimately voted to take the proposed TID to a series of meetings on Sept. 6. A public hearing will take place at 6 p.m., followed by a joint-review board meeting with members from local taxing authorities, and a meeting during which the CDA may adopt an updated TID project plan.

"We'll really flesh this out more fully when we come back before the committee as part of the public hearing process," said Harrigan.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.

Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.


Local Crime Map



Latest Photo Galleries