OCONOMOWOC — The Oconomowoc Common Council on Tuesday unanimously approved the project plan for the Olympia Fields Tax Incremental District, allowing the project to take its next step to the Joint Review Board.
The vote was 6-0 with Alderman Matt Rosek recusing himself due to his law firm doing unrelated work with the developer Wangard Partners and Alderwoman Karen Spiegelberg being absent.
The project plan outlined financing would come from a TID to help stop the spread of blight in the Olympia Fields area. According to city documents, 88% of the 65.7 acres is blighted — setting the total current value of the property at $14.3 million.
Wangard has guaranteed $64.5 million of new increment investment and with the remnant lands from the acquired parcel by the city being estimated to attract $13 million, the total new increment investment would be $77.5 million.
The estimated tax incremental financing investment would amount to approximately $18.7 million, according to city documents.
The council also unanimously approved by a 6-0 vote the majority of the city’s TID plan with Wangard Partners. The plan is similar to a developer’s agreement, City Attorney Stan Riffle said, and includes all the “guts” of how money would flow through the TID to get the infrastructure in place to complete the project.
“(It also includes) all the amounts of monies that would be incentives to the developer who but for these monies, would not be here tonight,” Riffle said.
However, the council did choose to withhold approving one part of the TID plan that pertained to liquor licenses. The council chose to have Riffle go back and change the number of liquor licenses allocated from three to one and that should more businesses come into Olympia Fields that need liquor licenses, the city would make them available.
Rosek, in his comments prior to recusing himself, said he wanted to keep the liquor licenses in the hands of the city, which could dole them out as need be.
“I would suggest we give them one, with the option to give them more like any other development in town as needed,” Rosek said.
The approval of 99% of the plan was “a comfort vote” for the developer who wanted assurance that when the liquor license revision came up at the council’s next meeting, there wouldn’t be more issues surfacing, causing delays in the project.
President and COO of Wangard Partners Matt Moroney said time is his biggest concern with the project, stating that Wangard Partners wanted to get going on construction this season.
Overall, he said he was happy about the way the items were approved.
The project will move on to the Joint Review Board where all the taxing districts affected in Olympia Fields will vote whether to approve the TID.
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