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Development
Redevelopment Projects >
Summit Place
| Base Value: | $15,914,400 | |
|---|---|---|
| Current Value: | $44,809,300 | |
| Original Property Taxes: | $435,432 | |
| Current Property Taxes: | $435,432 | |
| Projected Property Tax When Complete: | $1,203,700 | |
| Current Property Tax Increment: | $0 | |
| Projected Property Tax Increment: | $821,900 | |
| TIF Expiration Date: | 2017 |
Tax Incremental District Number Seven is designed to encourage the revitalization of the last two undeveloped vacant and dilapidated former Allis-Chalmers Mfg. Co. properties; the deteriorating shop buildings (about 7.8 acres of vacant warehouses) south of West Washington Street and an obsolete Utility Corridor (10.7 acres) on the north side of the street. These two underutilized resources, in their current state, continue to foster blighting influence on the area, provide little if any property tax relief and produce virtually no employment. For the City of West Allis and Milwaukee County, the legacy of Allis-Chalmers could be a one-of-a kind office facility that would be the second largest office complex in the Metro Milwaukee area. This campus of one new building and three renovated buildings can accommodate near-term office requirements and future growth totaling over 720,000 sq. ft. and allow for the creation of over 2,600 jobs. The project will be financed primarily through the sale of Taxable General Obligation (G.O.) Bonds, Tax Exempt G.O. Bonds, land sale proceeds, and federal and state grants such as Wisconsin Department of Commerce Brownfield Grants, and Wisconsin Department of Natural Resources Site Assessment Grants.
