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But the proposal also offers an opportunity to replace a deteriorating industrial complex with a new business park, attracting an estimated 800 to 900 jobs to one of Milwaukee's poorest neighborhoods. That's according to city Comptroller W. Martin Morics, whose report on the proposal will be reviewed Monday by the Common Council's Zoning, Neighborhoods and Development Committee. The committee could vote on the proposal, with its recommendation going to the full council at its Tuesday meeting. The Tower plans calls for spending $25.6 million in city funds. Of that amount, $15.6 million would be repaid through property taxes generated by new development at the site and improvements in the surrounding neighborhood, and by selling parcels within a business park to be created at the Tower site, says the Department of City Development. Another $9 million would come through state and federal grants, and tax credits. The proposal, approved in July by the Redevelopment Authority, calls for demolishing most of the former Tower buildings. The site is bordered roughly by W. Capitol Drive, the Soo Line railroad tracks, W. Townsend St. and N. 27th St. Most of the site would be redeveloped into a 58-acre business park that's similar to the Menomonee Valley Industrial Center, which the city created at a former rail yard east of Miller Park. Other uses include 17 acres for retail businesses along Capitol Drive and 5 acres for housing along Hopkins St. The Tower proposal is riskier than most city financing plans for development, the comptroller's report says, because it requires a large amount of upfront spending three to four years before development can occur. It's also difficult to predict environmental cleanup costs. However, by doing nothing, the properties and nearby neighborhood will continue to decline, the report says. Redeveloping the site into a business park "provides an unprecedented employment opportunity for neighborhood, city and metro area residents which cannot be overlooked," the report says. To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com. Copyright (c) 2009, Milwaukee Journal Sentinel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for TWRAQ click here.
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