Mammoth Springs Project Inches Forward
The Sussex Village Board approved a resolution creating a taxing district for the Mammoth Springs development on Main Street and Waukesha Avenue.
The Mammoth Springs retail and business development on the corner of Main Street and Waukesha Avenue is slowly becoming a reality.
The Village Board on Tuesday approved a resolution to create a taxing district to help provide financial assistance for a $21 million housing and retail project near Main Street and Waukesha Avenue. The village will invest roughly $4.7 million through the life of the project if developer, Arthur Sawall, meets construction benchmarks.
The village would be repaid through tax revenue generated from the increased property value on the site. The Joint Review Board, which includes representatives from all taxing entities in the village, will take a final vote March 18 to create the district.
After that, the project plans will go through the traditional public hearing and approval cycle before construction begins.
Sawall purchased the property in January 2010, and has plans to construct a seven-building complex with a mix of retail and residential spaces. The construction would occur in phases with two "high-end housing" buildings coming first. According to the proposal, new multifamily or commercial buildings would arise annually from 2014 through 2019.
Construction of two 30-unit apartment buildings at Mammoth Springs Cannery Company would likely begin in May.
The development will eventually include five residential buildings, either three or four stories high, with one- and two-bedroom apartments ranging renting for $945 to $1,300 a month.
Where the money goes
In order to see the project through, the village is prepared to invest $4.7 million in the construction of the $21.6 million project. The village would provide $2.1 million in 2013, with $1.6 million designated for development incentives. The remaining funds would cover land acquisition and Bugline Trail relocation costs.
Sawall said an extensive amount of bedrock would require him to remove and transport a great deal of rock in order to accommodate underground parking on the site, which would be costly. Sawall hopes to begin construction in spring.
The village would issue another $1.2 million in 2016 as developer incentives. Another $1.443 million would be advanced to the developer for a stream project, decorative fencing, streetscapes, utility work, and administrative costs. The advance date would be determined by the progress of the project.
One major hurdle was cleared earlier this month after Sawall received approval to relocate the Bugline Trail, which passed through the center of the redevelopment site. Relocating the trail became quite the pickle when federal and state reimbursements were required to change its location.
When all is said and done, the village hopes to come out in the black. According to the village’s taxing district proposal, roughly $9.1 million in revenue would be generated through increased tax value on the site.