VILLAGE OF PEWAUKEE - The village board is considering a request from HCI Incorporated developer Joe Grasch for TIF funds to help in his proposed three-story mixed use commercial and residential building on Wisconsin Avenue.
Grasch is seeking $400,000 in tax incremental financing funds, along with five long-term boat slip leases for six residential units. The overall project is valued at $4 million, with the residential portion having a $3 million value and the retail portion valued at $1 million.
The village funds would pay for site improvements, infrastructure and costs associated with nonstandard foundation requirements and site stabilization required because of the site and soil conditions. If the actual costs come in at less than $400,000, Grasch proposed that any remaining portion of the TIF would offset land acquisition costs.
Grasch also proposed renting boat slips out to people using Laimon Family Lakeside Park, or exploring other options for additional slips along the lakefront. No additional slips could be added to Laimon Family Lakeside Park due to Wisconsin Department of Natural Resources regulations.
Village President Jeff Knutson said he liked Grasch's proposal to put any costs of the TIF toward land acquisition costs should they be below $400,000, but was opposed to Grasch owning the slips, which are on public property.
"A lot of people use it when there's no ski shows, doing different things downtown or whatever, but they're covering all the costs," Knutson said. "If he wants to build it and donate it to us, and we control it, that's one thing."
Grasch wil work to finalize his plans before possibly returning to a May board meeting.