Paddock Lake eyeing residential development for west side

The Paddock Lake Village Board initiated a process Wednesday that could result in the building of multi-family and single family housing on property on the village’s southwest side.

On Wednesday, the board unanimously approved a resolution authorizing the village president and staff to execute an option agreement for land and to issue a request for qualifications for a residential development. The goal will for the developer of the housing to utilize Wisconsin Housing and Economic Development tax credits.

Besides providing new apartments in an area with a short supply of such units the development also would provide users for the west side municipal water system, village officials point out.

The about 2.7 acre property is what was known as Whitetail Ridge and was formerly platted for single family home development. The planned development however never took place. The property is located west of Highway F and south of Highway 50.

Last week, representatives of Bear Development presented at a Committee of the Whole meeting plans for a development that could meet the project qualifications and compete for the awarding of the state tax credits.

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.

Bear intends to attempt to compete for the awarding of affordable housing tax credits from the state for the multi-family building. Some of the units would need to be rented to moderate income families and seniors. SR Mills, president of Bear Development, described the income restriction as being approximately equal to that of a beginning school teacher or  a $15 to $17/hour wage.

“This is not a subsidy, this is not Section 8,” Mills said. “Everyone has to have income. Everyone has to pay their rent.”

Bear built a tax credit building with similar provisions for income for seniors in downtown Twin Lakes in 2012

Bear Development CEO Steve Mills said the company wants to build a quality building that will be an asset to the community.

“We’re neighbors here and we want the best thing for the community here,” Steve Mills said.

Said village President Terry Burns:

I see this as addressing the same basic core group of people we have in the village now. It’s not really low income housing. On the surface I think it’s a great idea. It accomplishes what we need to do. It’s a nice looking development.”

The plus to the village of having paying customers on the west side to spur the development of the water system there was not lost on village officials.

“We do have west side water that is laying underground and we’d love to have some users … and what better way to do it,” said Trustee Barbara Brenner. “I’m impressed.”


One Comment

  1. ROGER CRUM says:

    Is that 2.7 acre figure accurate? Maybe the decimal slipped.

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