The town of Brookfield's Joint Review Board gave final approval March 13 to establish the tax incremental district that will facilitate the town's funding of the Corners project, if developer Marcus Corp. meets certain contingencies.
But Joint Review Board Chair Norm Cummings expressed some doubts about the public financing.
"I think there's too much taxpayer support and subsidy," Cummings, director of administration for Waukesha County, said.
Under the project plan approved by the Town Board last month, the town would contribute at least $34.3 million to the project, largely by selling bonds, and recoup that contribution through the increase in property taxes on the development.
The Corners is planned to include stores, restaurants and apartments. It would be built on a site north of I-94 and east of Barker Road.
Town officials estimate its debt will be repaid by 2034; new state legislation allows it to stay open as long as 27 years.
Cummings said he thought the project was somewhat inevitable, given support from the state legislature, which passed laws to make the tax increment financing work for the development.
"It's pretty clear the state wants this to happen," Cummings said. "I believe if this isn't approved now, the legislature will pass another law and get the Joint Review Board out of the way."
Cummings did vote to establish the TID with the rest of the committee, and commended the town's work.
"You're a town, you don't have as much staff as some cities, but you surrounded yourself with great consultants and you did a great job," Cummings said.
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