Politics & Government
Development Agreements In Place For Drexel Town Square, Business Park
Development agreements approved by the Oak Creek Common Council Tuesday night bring both projects one step closer to the beginning of construction.
Two major development projects in Oak Creek, the Drexel Town Square and a planned business park on Oakwood Road, continue to inch toward construction.
The Oak Creek Common Council on Tuesday approved development agreements with Wispark, which owns both properties. Under the agreements, the developer will pay for infrastructure improvements—such as sanitary sewer, drainage facilities, roads, traffic signals and sidewalks—through a tax-incremental financing district.
TIF districts allow developers or municipalities to borrow money to pay for infrastructure, and use the increased tax increment generated by the new development to pay off the loan.
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Wispark is the development arm of We Energies. Its projects are paid for by shareholders, not rate-payers.
Wispark and the city of Oak Creek are planning a town center, Drexel Town Square, on the former Delphi site, 7929 S. Howell Ave. A 220-acre business park is planned on Oakwood Road west of Howell Avenue.
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Activity at both sites is expected to begin in earnest this summer.
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