Bonding for new Carroll dormitory endorsed
Waukesha - Developers of a second dormitory building for Carroll University could get financing help through tax-exempt bonds issued in the wake of Midwest flooding - in addition to other city assistance approved earlier this month.
The city Finance Committee on Wednesday unanimously recommended approval of an initial resolution of city intent to issue up to $12 million in industrial revenue bonds for the second phase of Pioneer Hall by developer Clysmic Properties. The Common Council is expected to act May 4.
The bonds are part of the disaster relief passed by Congress after severe flooding in the Midwest in 2008. Wisconsin's share is $3.8 million. Last year, Gov. Jim Doyle signed an executive order determining that commercial projects built in a county that suffered flooding would be deemed to be replacing business lost to the disaster.
The bonds could be subject to a voter referendum if one was forced by petition.
Clysmic Properties, under managing partner Alan Huelsman, built a four-story dormitory hall on College Ave. near Grand Ave. on the site of a long-closed rubber factory. It opened in 2008 with 66 four-bedroom suites. Carroll leases the building.
The second building will also be four stories with about 100,700 square feet of student housing and retail and ancillary space. It will replace a dated strip mall and teen center and is planned for completion by the fall of 2011.
According to city finance documents, the second building project will create 42 full-time jobs - among the 100 anticipated for all three buildings.
Earlier this month, the Common Council approved a tax incremental financing agreement that provides $3,081,306 in incentives for the second and third phases of Pioneer Hall. Another $700,000 had been approved for the first phase.
The third phase involves acquiring two properties at the corner of Grand and College avenues, between the two dorms, and building a mixed-use building, possibly additional housing, a fitness center, classroom space and covered parking, according to city documents.
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