$4.6 Million in Public Funds OK'd for Mandel Apartment Project
The developer expects the 100-unit apartment building will generate enough tax revenue to close the $4.6 million TIF district earlier than required.
The Whitefish Bay Village Board formally approved a plan Monday that would offer $4.6 million in public assistance to the Mandel Group's 100-unit luxury apartment development. After months of committee meetings, Whitefish Bay trustees approved the creation of a tax incremental finance (TIF) district for The Mandel Group's $27-million, three-building development containing 100 high-end apartments in the parking lots north of Silver Spring Drive, between Santa Monica and Consaul Place. A tax incremental finance district allows a municipality to borrow and spend money on public improvements, and then recoup the money through the growth in tax revenue generated by those improvements. The village's $4.6 million contribution includes: Once the …
In this Article:
Absolutelyfabulous
9:28 am on Thursday, December 6, 2012
Interesting series in NYTIMES.. UNITED STATES OF SUBSIDIES A series examining business incentives and their impact on jobs and local economies Part 1 How Taxpayers Bankroll Business Part 2 Winners and Losers in Texas Part 3 When Hollywood Comes to Town ____________________________________ Wisconsin Wisconsin spends at least $1.53 billion per year on incentive programs, according to the most … more ›