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