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Tax financing for Delafield project

 City of Delafield - The Plan Commission has set April 28th as the date for a public hearing into the proposed creation of a Tax Increment Financing (TIF) District for a residential development on an 11 acre parcel of land east of City Hall.

Most of the future real estate tax revenues in the district will be devoted to paying for public improvements that will be part of a 77 unit single and multi family residential development located between Bleeker and Lake Streets, south of Division Street, according to city officials.

The plans call for 13 single family urban style row houses that will have porches built onto the front of the house and detached garages built in back of the houses. In addition, there will be two apartment buildings with a total of 64 units ranging in size from one to three bedrooms.

Developer Joe McCormick of Madison said real estate tax revenues are necessary to bridge an approximately one million dollar gap between the amount of money financial institutions are willing to loan for the project and the amount of money he and others have invested.

City officials said the developmentn will lead to the completion of a neighborhood street system that has been on city planning documents since in the late 1800s.

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