Village to Consider Creation of TID #6 for Boston Store Redevelopment
The Village of Greendale will be considering the creation of Tax Incremental Financing District (TID) #6 to allow for the redevelopment of the former Boston Store property adjacent to Southridge Mall. The TID #6 Draft Project Plan was presented to the Joint Review Board and Plan Commission on August 31, and received approval from Plan Commission. Village Board will consider approval of TID #6 on October 18, 2022 and final approval will be needed by Joint Review Board on a later date to be determined. Additional information about the proposed TID #6 can be found in the draft Project Plan.
DESCRIPTION OF DISTRICT
Tax Incremental District (“TID”) No. 6 (“District”) is a proposed Blighted Area District comprising approximately 14.82 acres located in the Southridge Mall area. The District will be created to pay the costs of infrastructure needed to allow the property to be developed by Barrett Lo. In addition to the incremental property value that will be created, the Project will result in redevelopment of the former Boston Store property at Southridge Mall. The redevelopment will bring new apartment options, modern retail amenities and significant new tax base to the Village. The development will include a residential complex constructed in three phases with a total of up to 790 apartments including underground parking. The development will also include approximately 50,000 square feet of retail/commercial space with a public plaza.
ESTIMATED TOTAL PROJECT COST EXPENDITURES
The Village anticipates making total expenditures of approximately $10.6 million to undertake the projects listed in this Project Plan. Project Costs include an estimated $8.8 in infrastructure projects that the Village will be required to fund as part of the development agreement.
The Village projects that new land and improvements value of approximately $100,190,000 will result from the Project. Creation of this additional value will be made possible by the Project Costs made within the District. A table detailing assumptions as to the development timing and associated values is included in the Economic Feasibility Study located within the Project Plan.
EXPECTED TERMINATION OF DISTRICTBased on the Economic Feasibility Study located within Section 9 of the Project Plan, the Village anticipates that the District will generate sufficient tax increment to pay all Project Costs within its allowable 27 years.