EXCERPTS FROM JSONLINE.COM: Oak Creek could spend between $22 million and $30 million to help finance a new business park, which might land developments tied to Foxconn Technology Group’s new factory complex.
A new report by the city’s consultant, Vandewalle & Associates Inc., envisions two scenarios for developing Ryan Business Park. One calls for spending up to $29.5 million to develop the park for nine different buildings. The money would be spent on reconstructing South 13th Street, building new roads within the business park, grading, constructing a bridge over Oak Creek’s south branch, interest costs and $6 million in “economic development incentives” to help land companies.
The other scenario envisions landing one company that would use 70 acres, with the remaining land set aside for three other buildings. That scenario would cost $22.3 million. The savings would come from building fewer roads, and from around $5 million in reduced interest charges because the business park would be developed faster.
The Oak Creek Plan Commission will conduct an initial public hearing on the proposed tax financing district at its July 24 meeting. The district will need Common Council approval. Read the full article here.
