UPDATED 7:00p; 7:35p
Kenosha---A new downtown parking ramp, reconstruction of a stretch of a major north-south arterial, incentives for a new manufacturer and the continued development of the former Chrysler Engine Plant site are being proposed by Mayor Antaramian.
Details were released Monday as part of the Plan Commission's Thursday agenda.
Projects include:
*An $8 million dollar parking ramp to be located on vacant land east of the Post Office. The site is one of three that were identified as potential locations for some type of parking structure in a recently-approved downtown revitalization plan. No timetable was offered. "That is something for the future," said Antaramian in a WGTD News interview Monday night. "We need to start getting ready for a lot of exciting opportunities that may occur in the future." Earlier this year, the city purchased the empty J.C Penney Dept. store that's located just north of the Kenosha News.
*Reconstruction of 22nd Ave. from 75th St. north to 50th St. The project would be done in phases using a variety of funding sources, including TIF funds for a 13-block stretch.
*A $500,000 incentive to assist a manufacturer in finishing off and moving into a spec building that's already up in the Business Park of Kenosha. 100 new jobs would be created with an average annual salary of $42,000. The identity of the company has not been revealed. "We feel very comfortable that (the development) is going to occur but now is not the appropriate time to release that information," Antaramian said.
*Continued development of the former Chrysler Engine Plant site with streets and utilities to be built and installed in 2018. In addition, $10 million would be set aside for construction of an innovation center that was recommended by the consultants who put together a site plan.
The projects would be paid for through a variety of sources, including tax incremental financing.
City Council approval will eventually be needed for all of the expenditures as part of the city's five year-long capital improvement budget.
The initial review will be made by the Plan Commission at its Thursday meeting. It'll be asked to approve a series of amendments to the budget plans of several tax incremental financing districts.
The TIF mechanism allows municipalities to finance projects by borrowing against the future assessment value of the area in and around new developments. Extra property tax revenue generated by the land's added value is segregated until the borrowing is paid off. Once that happens, then the added value goes into the revenue side of the operating budgets of the various taxing bodies.
The mayor's projects would rely heavily on TIF districts, and would extend the life of those districts.
Thursday's Plan Commission meeting begins at 5.
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