Grafton OKs Mall Funds: $4.48 Million Helps Raze Shopping Area
Posted on: Friday, 9 May 2008, 03:00 CDT
By Lawrence Sussman, Milwaukee Journal Sentinel
May 9--The Grafton Community Development Authority has approved giving the owner of Manchester Mall $4.48 million to help raze the shopping center and build a new mixed-use complex, Village Administrator Darrell Hofland said.
The village's commitment is dependent on the new development, named Highland Ridge, having an assessed value nearly five times its current worth by January 2013. Manchester Mall is currently assessed at $7.96 million; the agreement says Highland will have an assessed value of $38.6 million in five years.
Mall owner E. J. Plesko & Associates of Madison will provide the village with a letter of credit as part of the agreement, Hofland said. The letter will guarantee that a bank is holding collateral from Plesko to cover the village's commitment.
The agreement says Plesko will pay the village the difference in property taxes between the property tax bill for a particular year, and what Plesko has promised the development would generate in property taxes.
Plesko's plans call for constructing a 72,400 square-foot commercial building anchored by a Pick 'n Save grocery store. In addition, Highland Ridge is to have 65 townhouse-style condominiums and 71 apartment-style condominiums.
The agreement says the complex must be finished by Jan. 1, 2013.
Highland Ridge will be on 22 acres near the southwest corner of the village.
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Source: The Milwaukee Journal Sentinel
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