Village provides seven-figure loan to developer
Art Sawall, a real estate developer from Brookfield, will get over $2m from Menomonee Falls' neighbor village Sussex. He plans to use the bonds toward the Maple Avenue subdivision that includes 150 homes.
The recession that started seven years ago, along with other factors, thwarted another developer's plans for the property before Waukesha State Bank bought it. Sawall purchased the community center and the nearby lot, and the community center will move to the new Main Street location next year.
The recently sold bonds will put sanitary and storm sewers, water, roads, and sidewalks in s new development, called Sussex Preserve. Over the next 10 years, the city will get its money back through property assessments, and will charge Sawall yearly interest.
According to Jeremy Smith, the administrator of the village, both parties are content with the way the agreement turned out, and it may not have been possible without the village wanting to loan money for public renovations. The village reached a similar agreement in 2013 with Corner Stone Development. The company had trouble funding a condominium complex near Seven Stones, meaning that Sussex officials funded the public improvements needed for the project.
If another developer would like a loan from the village, they might consider hiring a poster printing company. It can create a colorful yet easy to read poster to persuade officials to lend their support.
The recession that started seven years ago, along with other factors, thwarted another developer's plans for the property before Waukesha State Bank bought it. Sawall purchased the community center and the nearby lot, and the community center will move to the new Main Street location next year.
The recently sold bonds will put sanitary and storm sewers, water, roads, and sidewalks in s new development, called Sussex Preserve. Over the next 10 years, the city will get its money back through property assessments, and will charge Sawall yearly interest.
According to Jeremy Smith, the administrator of the village, both parties are content with the way the agreement turned out, and it may not have been possible without the village wanting to loan money for public renovations. The village reached a similar agreement in 2013 with Corner Stone Development. The company had trouble funding a condominium complex near Seven Stones, meaning that Sussex officials funded the public improvements needed for the project.
If another developer would like a loan from the village, they might consider hiring a poster printing company. It can create a colorful yet easy to read poster to persuade officials to lend their support.