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Evaluation of Proposed Tax Increment District Incentive Request for Development and Occupancy of Office Building
Client: City of Brookfield, WI
dashed line separator Consistent with the findings, conclusions, and recommendations of a study and report Gruen Gruen + Associates (GG+A) completed in 2010 for the City of Brookfield about the 124th Street corridor, a large employer and property owner Milwaukee Electric Tool and an adjoining property owner proposed the development of an approximately 200,000-square-foot, four-story office building on nearly 30 acres of land at West Lisbon Road north of West Capitol Drive and west of 128th Street (much of the land is already owned by Milwaukee Electric Tool). Milwaukee Electric Tool will be acquiring 3.45 acres of land for the proposed development from the adjoining property owner. Milwaukee Electric Tool would occupy the building space. The building will be connected to an existing building formerly utilized as a manufacturing plant but currently reused as an office building. In order to facilitate the feasible development of the office building along with parking estimated to cost a total of approximately $35 million, the City has been asked to provide financial assistance of a $6 million Tax Incremental District (“TID”) incentive. The City of Brookfield asked GG+A to complete an independent evaluation of the request. To do so, GG+A estimated the economic and fiscal impacts of the construction and ongoing operations the proposed development. In addition, GG+A completed market research and a financial analysis of the proposed development, operation, and hypothetical eventual sale of the completed and occupied building to evaluate whether the TID assistance requested is needed to bridge a feasibility gap. GG+A prepared a report summarizing the findings and conclusions of the evaluation and gave presentations to the Community Development Authority and City Council and answered extensive questions at both meetings. Ultimately, the City of Brookfield approved the requested incentive and the headquarters expansion for Milwaukee Electric Tool to add 300 to 500 more workers is going forward.



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