Monday, January 17, 2011

Evidence of Slow Economy: Some Land At Pabst Farms Reclassified Agricultural

Back to the future at Pabst Farms: This interesting fact about a rezoning is tucked into a suburban news report about the Tax Incremental Financing district at Pabst Farms created for the development by the City of Oconomowoc.
"City Administrator Diane Gard said that even with no more development, the TIF should likely be paid off ahead of the 2017 end date. This is still possible even though the value of the TIF has declined a bit in the last two years, from $275 million to $236 million because the undeveloped land was reclassified as agricultural to give the developer a tax break and because of a reduction in value of some of the existing commercial and industrial buildings in the district, Gard said."
Yet the $25 million, full-bells-and-whistles I-94 Interchange to Nowhere serving the project's cancelled upscale shopping mall, and a related highway widening on Highway 67 both continue.

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