Village Board Approves TIF District for Main Street
Despite opposition from a number of residents, the Waunakee Village Board Monday gave its approval to a Tax Incremental Finance district for the Main Street area.
Residents both for and against the TIF district packed the village board room to speak out about one potential project within the district – Terrence Wall’s plan for a 175-unit apartment complex that would span the entire 200 block on the south side of West Main Street, including the north side of Second Street.
The project plan
The downtown TIF proposal stemmed from the Hovde Properties’ plan to build a 101-unit apartment building with retail on the 200 block of East Main Street, across from Kwik Trip. Village officials recognized that other projects could also occur downtown, and decided to create a broader district.
It calls for redevelopment in three phases, starting with the Hovde project. The Hofbrau Haus block at Baker Street was also identified as a site for potential parking. TIF funds will also pay for the Cross Street extension.
Another project to the east could be a senior citizen housing complex at the current American Legion site.
Responding to concerns raised during the public comment portion of the meeting by former Village Trustee Karen Haag, Village Administrator Todd Schmidt stressed that the Legion project was not initiated by the village. A developer has had discussions with Legion members regarding the sale of the property, he said. Village attorney Bryan Kleinmaier added that Legion representatives had asked that the property be included in the plan.