A key part of the deal to bringing Bucyrus International Inc. into Oak Creek moved a step closer to gaining city approval Tuesday night.
The Plan Commission recommended the Common Council adopt a formal project plan for a tax-incremental financing district, which was one of the incentives the city offered in its quest to land the South Milwaukee-based mining equipment company. The city also is providing Bucyrus with up to $2 million in property tax breaks.
With a TIF district, the city borrows money to pay for infrastructure improvements - such as roads and sewers - within a defined area. As a district develops, the increased tax dollars generated by it are used to repay the loans issued for those improvements.
Bucyrus in May announced that it was purchasing the former Midwest Airlines headquarters at 6744 S. Howell Ave. The company is expected to bring between 200 and 300 jobs to the city.
Also part of that 182-acre district is a proposed three-hotel development. The developer told the Plan Commission Tuesday that financing for the first hotel is finally in place after a delay of more than two years, though plans are still not completely finalized.
"In the last couple weeks things have gone the right direction and we're pretty excited we'll be able to get something launched," developer Greg Trapani said.
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