Menomonee Falls — Advanced Waste is out, and a new tax-incremental financing district could be in.
The village's recent settlement with the Milwaukee-based industrial waste treatment business was part of a much larger long-term plan for the area as village officials consider a new industrial TIF district along the east and west sides of Lilly Road, north of Silver Spring Drive in the Manhardt Drive area.
About three weeks after the village board approved a $2.8 million settlement agreement with AWS authorizing the purchase of 21.6 acres of land, an initial meeting of the Joint Review Board was held Aug. 20 to review proposed plan for TIF No. 12.
Including what would have been the new home of a ChemWorks industrial waste processing business, the proposed TIF encompasses 107.5 acres of land that Village Manager Mark Fitzgerald said could become the home to up to seven new light industrial businesses.
The majority of the land within the proposed district is currently zoned for heavy industrial development, so Fitzgerald said something of a smaller scale will be a better fit in the area. The plan includes vacant land in addition to the AWS site, which will be completely redeveloped as part of the estimated $3 million in improvements to the area.
"This is a chance to get some new industrial business while rehabbing an old industrial site that has been around since the 50s or 60s," Fitzgerald said. "This lighter industrial we think will fit as the residential area to the north builds out and we think it's a much better fit for the neighborhood."
TIF is a mechanism that allows municipalities to borrow money to fund infrastructure improvements for an area that otherwise would be difficult to develop or redevelop. The increased property tax revenue from the improved land is then diverted from the tax roll to pay off the loan.
In this case, Fitzgerald said the plan calls for the development of $30 million of increment, and based on estimates the district could payoff early in 14 or 15 years.
The Plan Commission will have a special meeting Thursday, Aug. 28, to hold a public hearing and discuss the proposed plans before making a recommendation one way or another to the village board.
WHAT: public hearing and discussion on tax-incremental financing district No. 12
WHEN: 6:30 p.m. Thursday, Aug. 28
WHERE: Village Hall, W156 N8480 Pilgrim Road
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