TID #5 - Arrabelle Apartments
Description of District
Tax Incremental District (“TID”) No. 5 (“District”) is a 4.25 acre blighted area district created to facilitate redevelopment on five parcels owned by the St. Francis Borgia congregation consisting of a vacated elementary school building site and church rectory, a surface parking lot and a vacant parcel. These parcels are located near the south end of Cedarburg’s Historic Downtown District located on both sides of Hamilton Road directly southeast of the Washington Avenue and Hamilton Road intersection. The redevelopment project consists of razing the St. Francis Borgia elementary school and church rectory followed by the necessary site preparation for the construction of two buildings supporting 60 high end apartment units, a building with 9 townhome style units and a single-family home site (“Project”) by HSI Properties (“Developer”).
Estimated Total Project Cost Expenditures
The City anticipates making total expenditures (“Project Costs”) of approximately $1.98 million to undertake the projects listed in this Project Plan (“Plan”). The Project Costs include $1.925 million in project incentive and assistance payments, and $56,500 for administrative expense over the life of the District. Other than administrative expenses incurred prior to the receipt of tax increments beginning in 2020, the City expects to pay all Project Costs on a “pay as you go” basis. Incremental Valuation The City projects that incremental land and improvements value of approximately $8.4 million will be created not later than January 1, 2020 as a result of construction of the multi-family units and a singlefamily home. This additional value will be created a result of the improvements made and Project Costs incurred within the District.
Expected Termination of District
Based on the Economic Feasibility Study included in this Plan, the City would expect to recover all Project Costs by the year 2032, or fifteen years prior to the end of the District’s maximum allowable term of twenty-seven years.