For the purpose of constructing a three-story, 19-unit residential building at 4450 N. Oakland Avenue. The development would occupy Village-owned property that is currently utilized for off-street parking. The entire development would feature units that have rents that are affordable for tenants who are earning between 30% and 60% of the Milwaukee County Median Income (CMI).
Policy 40 Tax Increment District (TID) creation and Tax Increment Financing (TIF) assistance outlines the two phased application process for requesting public assistance. In Phase II, the CDA is asked to provide a recommendation to the Village Board on the application and development agreement terms. The Village Board will then consider the recommendations on March 16.
The Community Development Authority (CDA) was tasked by the Village Board to provide a recommendation on how to utilize Tax Increment District (TID) funds from TID #1 extension for purposes of affordable housing in accordance with State Statutes.