Waukesha Committee Advances Woodman's Financing

The proposed tax incremental financing district that would help lure Woodman’s Food Market to Waukesha keeps moving through the approval process.

The Finance Committee unanimously voted in favor of the financing plan, which moves the funding request on to the Waukesha Common Council, which is scheduled to meet Nov. 1.

The property at the site at East Main Street and Highway 164 was designated as being in The 238,873-square-foot building will have eight outlots for additional commercial businesses.

The proposed TIF would close within 11 years, while generally TIFs closed at 14 years, said Jennifer Andrews, community development specialist.

“Without TIF assistance it is highly likely this property will remain blighted and vacant for many years,” Andrews said.

is expected to open in summer of 2013 if all plans move forward. The store plans on hiring 119 full-time and 100 part-time employees.

The project is expected to increase the property value of the Woodman’s site by $15 million. The value of the property would increase with additional commercial buildings in the outlots.

The is looking at offering Woodman’s $3.5 million in “pay as you go” expenses that would be paid “partially or in full through development incentives,” according to a draft document about the plan that is going before city boards.

 “This means that Woodman’s would pay for the $3,500,000 TID incentive up front and as the tax increment from the project is realized the city would reimburse Woodman’s for this up front cost,” the document states. “This scenario puts all the development risk on the Woodman’s. If the project does not result in the values anticipated then they will not be reimbursed the total $3,500,000 anticipated.

"In these uncertain economic times this scenario is provides the City with the economic development tool needed to satisfy the financial gaps in proposed development plans without putting the taxing entities at any financial risk.”