Village of Shorewood officials will consider a proposal to provide $12.5 million in tax incremental financing for a proposed Metro Market, apartment and additional retail space development on Oakland Avenue.
Fox Point-based real estate development firm General Capital Group plans to build a mixed-use development with an 80,000-square-foot Roundy’s Metro Market grocery store, 80 upscale apartments and 15,000 square feet of additional retail space. The development is planned for two blocks on the west side of Oakland Avenue between Kenmore Place and Olive Street. It would replace the current Pick ‘n Save grocery store there and the vacant former Schwartz book store and Walgreens buildings.
The project would also include a a 350 stall parking garage for the Metro Market and other retail customers, employees and public parking for the community.
Village officials are considering a plan to create a TIF district for the project that would provide a $6 million parking structure grant and a $6.5 million loan to General Capital for construction of the Metro Market. The TIF would also provide $1.445 million to cover village costs for financing and professional services.
When a TIF district is created, property tax revenes that go from the district to local units of government are frozen. As property values in the district rise, the additional tax revenue is used to pay for the TIF expenses. Once those are paid for the additional tax revenues then go to local units of government.
Shorewood officials estimate that it would take 15 years to pay for the costs of the proposed TIF for the Metro Market project. The total net village investment for the proposed project would be approximately $6,695,000.
“The proposed Metro Market addition is consistent with our vision of what we want Shorewood’s business district to accomplish in order to enhance the vitality of our village,” said Village President Guy Johnson. “This is a bold project that is benefiting from the helpful ideas coming from many different citizen groups and individuals.”
A Joint Review Board meeting and public hearing will be held on the TIF proposal for the development at 3:30 p.m. and 6:00 p.m. respectively on Monday, June 2 at Shorewood Village Hall.