The Joint Review Board will meet on Monday morning to discuss the plan for a proposed $2 million third Tax Incremental Financing (TIF) district in Greendale that will help the renovation of Boston Store in Southridge Mall.
Boston Store renovation costs will be approximately $8.5 million. According to the proposal, the renovation will increase the value to $10.5 million.
The project plan states that, "Based on market conditions, current conditions and use of the District, the Village has determined that redevelopment of the area will not occur solely as a result of private investment. Without the use of TIF, redevelopment of the area is unlikely, and the potential for the site to continue to decline and be disinvested would remain."
TIF District No. 3 of the Village is being created as a Rehabilitation District. This means that not less than 50% of the real property within the third TIF district is in need of conservation or rehabilitation. However, TIF district No. 3 is being created primarily to rehabilitate an impacted area, which in this case is 76th street. The project plan will broaden the property tax base in the Village and relieve the tax burden of residents and home owners.
Aside from the TIF districts, several stores in Southridge Mall have decided to renovate, Macy's announced its 2012 Spring opening, Wal-Mart is building a store at the U.S. Congress building site, and there is talk about a restaurant opening up in the Old Leath Furniture building.
The old Balleys, Borders, and Leath Furniture buildings are currrently vacant on 76th Street.
The project plan says that the Village believes that the TIF District will significantly enhance the value of real property within the District.
Members of the board include the Village of Greendale, Greendale School District, Milwaukee County, and Milwaukee Area Technical College.
Monday's agenda also includes reviewing the appointment of a citizen representative, selection of a chairperson, and approving the date for the next meeting.
Editor's note: This is correction from a previous article that mistakenly stated that renovations would cost $3.5 million dollars. Renovations will cost at least $8.5 million dollars, according to Village Manager Todd Michaels.