City Funds Will Boost Walker’s Point Development

City Funds Will Boost Walker’s Point Development

Corner of 1st and National would see new affordable apartment building.

A proposed affordable apartment building planned for a key Walker’s Point intersection would receive a $2 million boost from a new tax incremental financing (TIF) district.

The subsidy package aims to close a financing gap at a site that has long eluded real estate developers.

Kenosha-based Bear Development plans to construct a five-story, 140-unit apartment complex at the northeast corner of S. 1st Street and W. National Avenue.

The Department of City Development is proposing to provide $2.17 million via a developer-financed TIF district to the $54.6 million development. The structure, effectively a property tax rebate, would incrementally provide the funding plus 6% interest, over a period of no more than 19 years. Bear would receive the funding faster if the assessed value of its development yields larger property tax payments...


Share this article on you social outlets

Our Sponsors
- - Volume: 24 - WEEK: 21 Date: 5/22/2024 8:13:15 AM -