The latest project to request city assistance through tax incremental financing is a 204-apartment development that Irgens hopes to build on a vacant 3.7-acre parcel on the northeast corner of Mayfair Road and Wisconsin Avenue.
Under the plan, the city would borrow and spend up to $34.2 million on projects in and near the Research Park, helping to increase the city’s tax base by more than $100 million.
City officials and the developers say the conversion project will not be feasible without financial support from the City of Wauwatosa, which is considering creating a new tax incremental financing district to include the project.
