NOW:53154:USA00949
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA00949
69°
H 93° L 68°
Cloudy | 6MPH

Economy won't drive 27th Street corridor

Cities' officials plan for corridor rehab

Oct. 30, 2008

Even in a sputtering economy, Franklin and Oak Creek officials remain confident the multibillion-dollar redevelopment of South 27th Street will not stall, at least not for long.

The Joint 27th Street Steering Committee met Oct. 23, in part, to discuss the possible dampening effect a recession might have on private investment opportunities along the corridor.

But committee members said the recent financial market rollercoaster ride will not deter redevelopment progress.

Solid position

“We’re in a very good spot,” said Steven Olson, a Franklin alderman and committee member. “This is a 30-year plan with $2 billion of investment. It is going to result in $40 million per year for (both) taxing jurisdictions and a potential of 40,000 jobs.”

Olson cautioned against making future plans based solely on what is occurring today, adding he has no reason to believe the economic picture will not improve within the next year.

He recalled Franklin surviving an economic crisis 15 years ago, not long after its business park was developed. The park survived and has since flourished, Olson said.

Committee member Marie Myszkowski of Oak Creek said redevelopment work has gone too far to be placed on the back burner.

Many people fear such a long-term plan will sting them through property taxes but former committee chairman, Ted Grintjes, said the project is outside the operating budgets of both cities.

“A long-term plan is not going to affect a person’s taxes this year,” he said. “The purpose of this is to give elected officials a chance to do long-term planning and that’s what you’re doing here.”

TIF funding

The project is funded through tax-incremental financing, a mechanism that allows municipalities to borrow money to fund infrastructure improvements for an area that otherwise would be difficult to develop or redevelop. The increased property tax revenue from the improved land is then diverted from the tax roll to pay off the loan.

“This is good money (spent),” Myszkowski said. “When everything comes back we’re going to be ready to take it all in.”

Myszkowski said the souring economy has had an impact on development — commercial and residential — and may have a feared slow-down effect on the pace of development along 27th Street.

For the past five years, Franklin and Oak Creek have planned and started implementing phase one of redevelopment of their shared border along the six-mile-long 27th Street corridor.

Thus far, developments established along the corridor include a Northwestern Mutual expansion, Wheaton Franciscan Healthcare-Franklin hospital, Staybridge Suites Hotel and Liberty Corporate Preserve Business Park.

John Neville can be reached at (262) 446-6609.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

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!

Login or Register to manage all your newsletter preferences.

Community Watch

» Franklin Council to hold public information meeting on Saturday 7/30

» Greendale School Board to vote on new interim superintendent 7/30

» Twitter recap: 50 Cent at Woodman's in Oak Creek 7/30

» Now reporter to live tweet 50 Cent appearance in Oak Creek 7/29

» Oak Creek-Franklin petition for larger school board verified for public vote 7/29

» Trio tries to add key points with their new Franklin sports bar 7/28

» Greendale man drowns in Minnesota boating accident 7/28

» Ignitors softball team takes second in national tourney 7/28

» 'Milwaukee lion' spotted in Glendale Updated:  7/28

» Roadrunner buys El Paso, Texas, trucking firm for $35 million 7/28

» Oak Creek food distributor faces $85K in fines after employee injury 7/28

» Update: Tanker truck crash in Hales Corners, Highway 100 closed 7/28

» Star of 'Dance Moms' to make Oak Creek appearance 7/27

» Sikh Temple announces memorial events to honor victims of 2012 shooting 7/24

» Kayla's Playground groundbreaking 7/24

» St. Alphonsus Parish to host 'Feast on the Blacktop' 7/23

» Public hearing for new TIF district 7/23

» Franklin parks commissioner calls out common council 7/22

» The Suburban 16 Power Rankings: Watt, Niebrugge, and others on the next level 7/22

» Village of Greendale takes ownership of land proposed for veterans memorial 7/21

» Kayla playground project leaps forward in Franklin 7/21

» West Edgerton Avenue reconstruction project plan moves forward 7/21

» Slash in state aid money could force Franklin School district to increase tax levy 7/21

» Oak Creek's Turchin bests Ramirez in sectional thriller 7/21

» Initial Reaction Podcast: A dumb-sports-fan's guide to the Bucks arena financing situation 7/21

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Local Business Directory

Advertisement

CONNECT