Board Approves $14 Million Development Project

On Monday, the Village Board surprised nobody when it unanimously approved a 91,000-square-foot development in an area that has long been identified for improvement.

The village approved permits and the development agreement with Ryan Companies for a new $14 million project on the former Stolper Steel site off of U.S. Highway 41/45 and Pilgrim Road. The development falls within a village taxing district, and is expected to generate some $13 million in incremental value when it is completed in Dec. 2013.

Both the Wisconsin Athletic Club and Froedtert Health . Ryan is expected to commence construction of the facility in December.

“I think it’s an exceptional first project for this corridor. We are delighted we are at this stage,” Fitzgerald said. “It’s a phenomenal upswing in value, and this is why we do economic development. We think this is a great pioneer use for the (taxing district) redevelopment.”

Before the village invested in the property, it was worth roughly $1,800 - that was the value of the land and the vacant Stolper factory combined. Under the agreement, Ryan must ensure the development maintains an assessed value of $13 million.

Ryan’s in 2008 to redevelop a blighted and deteriorating part of the village. The taxing district is roughly 93 acres and is bound by U.S. Highway 41/45, Pilgrim Road, and Roosevelt Drive.

The village will invest roughly $30 million throughout the taxing district to spur development, and the village will reimburse its upfront costs over 27 years with incremental tax values generated from new construction. The entire taxing district is expected to add some $80 to $120 million in tax value once all development is completed in the district.

Most recently, the village for environmental remediation of the soil, which was contaminated with a metal degreasing solvent used on the site years ago. The remediation project is almost complete, and the village soon expects to begin its first phase of extending Richfield Way.

Fitzgerald said Monday that the remediation work is nearing completion.