2. 24-0530 Recommendation for approval of a term sheet with Wingspan Development Group for a multifamily housing development, the Foundry, at the Mayfair Collection (11220 W. Burleigh Street) and approval of associated contracts with Mannedge Consulting and Prism Technical
If our city is once again at the mercy of developers in the midst of a project, isn't this an opportune time to demand something in return from said developers? Having met many senior residents living alone in 3/4 bedroom houses, some affordable senior (non-assisted) housing near all those amenenities would be awfully appealing, it would seem. If market rate has already been set, why not offer incentives for senior Wauwatosa residents be given 20% off such a rate? Or perhaps make other, truly affordable housing cutouts (5 units @ 40%, 10 units @ 60%, or 30 @ 80% AMI) similar to ideas brought up during the height restriction debates. We need affordable housing for working adults, too many are living with parents into their 30's out of financial necessity.
Whatever you do, please don't hold off on even more property tax revenues, kicking responsibility for our city's short-sighted financial decisions unto our children and grandchildren. They see enough poor handling of issues by our leaders-that-be. Act wisely on behalf of your constituents, not only those that have your ear.
While I fully support new market rate housing in our community, I oppose using TIF to support parking structures. Parking structures are a cost of providing housing and need to be financed by the project. Market rate tenants should pay for structured parking or use the surface parking lots available on site and often underutilized at night. Subsidized parking discourages minimizing parking, discourages alternative transportation uses and discriminates against tenants without cars.
What is the developer’s contribution to the housing trust fund - is it a formula that is consistent across all new projects?
When will portions of the TID close and allow for the 1year extension of the TIF income to benefit the affordable housing fund?
I am opposed to any TIF funding for a market rate apartment project in Wauwatosa. Projects should only be developed if they are financially viable without government subsidy. Most likely the schools and city will not see any tax revenue from the project for 27 years.
If there are no affordable or handicap access units this does not address the need for such! What is the fair market rent value? Is that according to the investment group owners or ????
If our city is once again at the mercy of developers in the midst of a project, isn't this an opportune time to demand something in return from said developers? Having met many senior residents living alone in 3/4 bedroom houses, some affordable senior (non-assisted) housing near all those amenenities would be awfully appealing, it would seem. If market rate has already been set, why not offer incentives for senior Wauwatosa residents be given 20% off such a rate? Or perhaps make other, truly affordable housing cutouts (5 units @ 40%, 10 units @ 60%, or 30 @ 80% AMI) similar to ideas brought up during the height restriction debates. We need affordable housing for working adults, too many are living with parents into their 30's out of financial necessity.
Whatever you do, please don't hold off on even more property tax revenues, kicking responsibility for our city's short-sighted financial decisions unto our children and grandchildren. They see enough poor handling of issues by our leaders-that-be. Act wisely on behalf of your constituents, not only those that have your ear.
Thank you for your time.
While I fully support new market rate housing in our community, I oppose using TIF to support parking structures. Parking structures are a cost of providing housing and need to be financed by the project. Market rate tenants should pay for structured parking or use the surface parking lots available on site and often underutilized at night. Subsidized parking discourages minimizing parking, discourages alternative transportation uses and discriminates against tenants without cars.
What is the developer’s contribution to the housing trust fund - is it a formula that is consistent across all new projects?
When will portions of the TID close and allow for the 1year extension of the TIF income to benefit the affordable housing fund?
I am opposed to any TIF funding for a market rate apartment project in Wauwatosa. Projects should only be developed if they are financially viable without government subsidy. Most likely the schools and city will not see any tax revenue from the project for 27 years.
If there are no affordable or handicap access units this does not address the need for such! What is the fair market rent value? Is that according to the investment group owners or ????