Residents of Sussex will have a chance to share their thoughts on the major Mammoth Springs redevelopment project Thursday at Village Hall.
The Community Development Authority will be reviewing a proposal to create a taxing district that would help fund a $21 million residential and retail development near Main Street and Waukesha Avenue. The CDA will met at 5:30 p.m. at Village Hall.
Site owner Arthur 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.
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.
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.
Village leaders still need a boundary agreement for the taxing district. The project plan is being reviewed for modifications. A public hearing on the taxing district proposal would be held in February, and could go to the Village Board for approval as early as March 12
