Funding mechanism will aid 'distressed areas' in part of city
West Allis — city development entity has received $70 million in tax credits that will be used in redevelopment projects on the city's northeast side.
The federal New Market Tax Credits will be used to attract investors to "distressed areas" east of 76th Street and north of the Union Pacific railroad tracks that cut through the center of the city, city Development Director John Stibal said.
One such building could be the old Sam's Club on 60th Street near the northern edge of West Allis, Stibal said. Officials hope to work with developers to convert the building to office and commercial uses.
The credits were awarded to the First-Ring Industrial Redevelopment Enterprises, or FIRE. The city created the organization three years ago to help finance mixed-use developments and business expansions throughout southeastern Wisconsin, especially on so-called "brownfield" sites where development would otherwise be difficult.
About 300 entities applied nationwide and fewer than 100 were approved, Stibal said.
In the past, New Market Tax Credits have been used in the Milwaukee area to attract investors to projects such as the Lena's Food Stores chain and the Iron Horse Hotel near the Harley-Davidson Museum, according to a Journal Sentinel report.
FIRE was awarded $35 million in the tax credits in 2007. Since it was formed, the organization has helped finance redevelopment projects such as the Pabst Brewery and Discovery World in Milwaukee and DuraColor in Racine, according to a news release.
"FIRE is an asset for the city of West Allis," said Gerald Matter, chairman of the West Allis Community Development Authority. "The tax credits and revenues generated from the operations of FIRE will be effective at addressing the redevelopment areas of our community and regional neighbors."
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