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MILWAUKEE COUNTY DEPARTMENT OF ECONOMIC DEVELOPMENT
Financing Scenarios and Development Strategy for Mitchell
International Airport Area Business Parks
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S. B. Friedman & Company completed financing scenarios and
development strategies for the creation of business parks in the
vicinity of
Mitchell
International
Airport
in
Milwaukee
,
Wisconsin
. Working with TN Associates, Inc., which provided site planning
and engineering services, the scope of this 1995 assignment
included:
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Defining prototypical
development programs and site plans, including
infrastructure and design standards for business parks in
four localities surrounding the airport
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Identifying
alternative public and private roles in development,
including the different roles developers might play, ranging
from master developer to build-to-suit for end-users
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Evaluating the
viability of alternatives from a business standpoint
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Preparing financing
concepts incorporating available public incentives as gap
financing
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To fulfill these
objectives, we worked closely with a multi-jurisdictional project
planning committee in the conduct of the assignment, meeting on a
regular basis to discuss and finalize its various elements.
The recommended
strategy provided for a public-private joint venture for land
acquisition, with tax incremental financing to be used to defray
infrastructure and environmental clean-up costs.
Results: WISPARK, an
industrial development concern affiliated with the power company,
agreed to provide $1 million toward land acquisition which the County
matched through an appropriation included in the 1996 budget. A site in
Cudahy
, one of the four communities, was selected and developed. As of 2001,
the initial stages were sold out. The partnership reports that its
results were consistent with expectations based on the initial program
and modeling.
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