Tosa financing for UWM development wins Plan Commission OK
A plan to provide $12 million in city funds to help pay for University of Wisconsin-Milwaukee's proposed Innovation Park development in Wauwatosa has just received approval from the city Plan Commission.
The commission recommended approval on a 5-1 vote at the Monday night meeting. The financing plan will next go to the Common Council's Budget and Finance Committee at its Tuesday meeting, and then to the full council on Sept. 21.
Innovation Park would include a science campus, along with buildings with private companies. It would also include housing and retail developments.
The proposal calls for creation of a special tax district, with the city borrowing money to build roads, sewers and other improvements at Innovation Park, east of Highway 45 and north of W. Watertown Plank Road. The city's debt and interest, totaling $18.6 million, would be repaid through property taxes from the privately owned buildings. UWM's academic buildings would be exempt from paying property taxes.
A report by a city consultant said there likely would be enough property tax revenue to pay off the debt within the 27-year payback period allowed under state law. But opponents said there are too many assumptions about future development, much of which remains speculative, and that the project would be too risky.
Supporters, including several UWM faculty members, said Innovation Park will help UWM capture more federal research grants, and lead to projects that would result in spin-off business developments.
I'll have more Tuesday morning at JSOnline.com.
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Commercial Real Estate News
The project, called Edison Place, would be developed on 2.25 acres overlooking the Milwaukee River, north of E. Knapp St.
Katie Falvey, Marcus Corp. vice president of real estate, declined to provide details about the plans, which could change.
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.
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