Plans for a tax incremental financing district and a multi-family complex within that district in Paddock Lake moved forward last week with several actions taken by the Village Board.
The board unanimously approved:
- The project plan and the boundaries for Tax Increment No. 2.
- Village staff to sign memorandum of understanding with Bear Development for the proposed development of Whitetail Ridge.
- Approve the selection of Bear Development as developer satisfying the terms and the recent request for qualifying process.
- Assign Village of Paddock Lake’s option to purchase and site control to Bear Development for the area of Whitetail Ridge.
The new TID is on the far southwest side of the village. The bulk of the area lies south and west of Brass Ball Corner at Highways 83/75 and Highway 50. Some of the TID is also along Highway 50 at the northwest and northeast corners of the same intersection.
The Whitetail Ridge development will be located along Highway F south of Highway 50. Representatives of Bear Development at a December Village Board meeting described it as consisting of commercial development along Highway 50, with multi-family housing south of that and single-family lots south of that. Bear sees a mix of multi-family housing and single family housing for the first phase of development. Initial plans call for 65 multi-family building units and 28 single family lots.
In December, the multi-family aspect of the property was presented as having a portion designated for affordable family housing units. This was in order to get tax credits that will make the project more viable for the developer, Bear officials said.
“This is not a subsidy, this is not Section 8,” Bear Development President SR Mills said in December. “Everyone has to have income. Everyone has to pay their rent.”
Somewhere in the process of pursuing the tax credits, the multi-family housing was switched from affordable family to affordable senior housing.
Village administrator Tim Popanda said it is his understanding that the Wisconsin Housing and Economic Development Authority– which grants the tax credits — felt there was a need in Western Kenosha County for affordable senior housing. He was not sure if the switch came at the request of Bear or WHEDA.
“The village has always preferred senior housing” for the development, Popanda said.
WHEDA has not yet awarded the tax credits to Bear for Whitetail Ridge. Bear will be submitting its application to WHEDA this week.
Development in the new TID area is key to the village getting customers for a west side water system, that has wells drilled, but has never been completed since development in the area stalled.
While the residential development of Whitetail Ridge is for now the only project formally underway Popanda said he expects other commercial development in the district within the next two years.