Greenfield - The Common Council unanimously approved plans for 360 apartments at the 84 South mixed-use development on Oct. 18, and also unanimously authorized borrowing up to $11,million for public infrastructure improvements related to the development.
Mayor Michael Neitzke said the borrowing, through tax incremental financing, could end up being less than authorized, and could be paid off sooner than the 20-year length of the bond issue.
Neitzke explained that the bond issue is based on $93 million worth of development at 84 South, but that he expects total investment in the area to reach $180 million.
Fiduciary Real Estate Development plans to build two four-story buildings, with 87 and 83 apartments respectively, starting next spring. Plans include an outdoor pool, club room and fitness studio.
Fiduciary also plans two more four-story buildings at a later time, with 95 units apiece.
Commercial development at 84 South includes Fresh Thyme Farmers Market and a relocated Steinhafels Furniture store, to replace the existing Steinhafels at 8400 W. Layton Ave.
Neitzke took a victory lap as he reviewed progress on 84 South and thanked aldermen for their support of the project.
"When you look back, there was an abandoned school there," he said, noting that developers were still acquiring property a year ago. "We've done more in a year than a lot of communities do in three, four or five years."
The mayor also defended the TIF borrowing.
"Some debt is actually good, when you're getting $160-165 million worth of investment in the city," Neitzke said. "We're making an investment in ourselves at historically low interest rates."
In another action, the council voted unanimously to combine two part-time public health nurse positions into a single full-time position after two part-timers resigned.
"We found we can't retain quality part-time people, because they're looking for full-time work," Neitzke said afterwards. "Continuity is important in this position."