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April 2014

20

Culver's gets final OK

 

A tax incremental financing (TIF) district intended to help fund costs related to the construction of a new Culver’s restaurant received its final approval Wednesday morning.
The TIF Joint Review Board voted unanimously to approve the district, which will provide $150,000 in a forgivable loan to franchise owner Greg Howe to help finance land acquisition and redevelopment costs.
The loan will be paid off over the 14-year scheduled life of the district with money from the tax increments. If the increments generated by the development do not cover the loan’s principal and interest, Howe would be obligated to pay off the loan.
Howe, a Town of Delafield resident, plans to build a Culver’s restaurant at 701 Industrial Court, near the southeast corner of Highway 83 and Cardinal Lane. An existing self-serve car wash on the property will be torn down.
Howe was scheduled to close on his purchase of the property and obtain necessary permits from the village later in the day on Wednesday. If the closing and permit-issuing proceed without a hitch, Howe said that work would likely proceed immediately and that the car wash could potentially be demolished by the end of the day Wednesday.
The new Culver’s is tentatively scheduled to open by mid- to late February next year.

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