Seven Stones Developer, Village Reach Agreement on Special Assessment

Sussex has reached a preliminary agreement to provide a special assessment for the proposed .

Village Administrator Jeremy Smith said the village and developers reached a deal Tuesday afternoon that would provide a $400,000 letter of credit for the village to perform street and sewer improvements and spur development of the land.

“It’s something that makes a lot of sense,” he said. “And it will help jumpstart the condo development.”

The Village Board approved the condo development last week, clearing the way for it to be constructed near Highway 164 and Seven Stones Drive.

Smith said the developer is very eager to move forward with the development and requested the special assessment agreement be forwarded to the Village Board so improvements could begin as soon as fall.

Although the developer has been successful with similar projects in Brookfield and Menomonee Falls, Smith said the special assessment agreement includes the provision the village has first rights to the land if the development fails and Waukesha County will guarantee the money to the village.