One of the biggest development projects coming to Sussex appears to be getting a new name.
Kasey Fluet, assistant development director for Sussex, told the Community Development Authority last week that the developer of is beginning to favor the alternative name for the project, Mammoth Springs.
“He seems really interested in going with that name,” she said.
The project, which will be located on a 10-acre site on Main Street and Waukesha Avenue on the eastern edge of downtown, will contain a mix of housing and retail development as part of the overall redevelopment plan of the downtown area of the village.
Patch was unable to reach developer Arthur Sawall for comment.
Fluet said the village is looking into the marketing of the development to find stores willing to locate in the village. Already, though, there appears to be interest from some companies, including Alterra Coffee.
“They really like this area,” Fluet said. “They really think this area fits their profile and demographic, and hopefully they’ll get on board.”
The CDA gave approval to allow for contractors to begin work on crafting a tax incremental financing district to help the redevelopment of the downtown area, which will most likely span from the to the Mammoth Springs project.
Dave Anderson, a financial consultant to the village, said the TIF district could be used to pay for redevelopment or improvement projects for businesses and residences within its borders. A TIF must not contain more than 12 percent of a community’s tax base and can remain in place for 20 to 27 years.
Communities use TIF districts as a way to spur development in a targeted area. Typically, a community will borrow money to help finance infrastructure improvements within the district. That debt is then repaid by the additional property taxes generated by those improvements. After that debt is paid, the additional property taxes from the development go to the municipality, school district and other taxing bodies.
CDA members asked if there could be some concerns by residents who are part of a TIF district because in order for such a district to be created, it must be labeled as "blighted."
But Anderson said there are no concerns and oftentimes people are more willing to live within a TIF because it can provide funding to help make improvements to their property.
“Really there is no downside to living in a TIF,” he said.
Village officials said they plan to have a preliminary draft of a TIF district drawn up by the next CDA meeting and are hoping to get the district approved by Sept. 30.
In order to be created, a TIF district, the prepared plan must be subject to a public hearing, be published twice in a newspaper, gain committee approval, gain Village Board approval and approval by a joint committee composed of members from the village, Waukesha County, Hamilton School District and Waukesha Technical College.