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.
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- Oak Creek police report: Nov. 26, 2015 issue
- Oak Creek residents to see rate decrease in city portion of tax bill
- Wisconsin DOT: South 27th Street is open for business during holiday season (1)
- Meijer to provide food for Oak Creek's annual 'Evening of Blessings'
- Oak Creek 8th graders 'view the world' as journalists in writing unit, 4 essays to be posted online (1)
- Oak Creek police report: Nov. 19, 2015
- Oak Creek planners can live with modified apartment proposal
- Oak Creek Culver's to host annual Kids2Kids Toy Drive
- Resident invited to special Packers event after solving Associated Bank's 'turf search' in Oak Creek
- Oak Creek police report: Nov. 12, 2015 issue