For more information:
Marta Fieweger (414) 390-5500
The Village of Greendale has closed its agreement with Simon Property Group
Greendale, Wis. (August 25, 2011) – The Village of Greendale today announced the official closing of its agreement with Simon Property Group, which was signed and delivered on Tuesday, August 23. The project is now fully funded, with renovations and updates already in progress.
“The closing of this agreement is one more critical step toward officially renovating and transforming Southridge,” said Village of Greendale President, John Hermes. “These renovations have officially begun, and will only add to the previous improvements we have made to the 76th Street Corridor, including the development of a Berkshire-Greendale senior housing complex, addition of market-style Wal-mart, Boston Store renovations, and of course, the addition of Macy’s as the newest Southridge anchor tenant.”
In November 2010, the Village of Greendale announced an alliance with the owner of Southridge Mall, Simon Property Group (SPG) to undertake a multi-million dollar redevelopment of Southridge Mall including a renovation and upgrade of the mall’s interior. The mall renovations include new interior and exterior features and amenities like flooring, lighting, redesigned mall entrances, signage and a fully renovated and updated Food Court. Renovation plans also include the addition of Macy’s as a new anchor. Macy’s will join Southridge Mall as the second in the market.
The renovation in 2011 marks the 41 year anniversary since the center opened. The 1.2 million square-foot mall is Wisconsin’s largest shopping area in Milwaukee, anchored by JCPenney, Sears, Kohl’s and Boston Store, and originally opened in 1970.
About Tax Incremental Financing:
Tax incremental financing (TIF) requires a local taxing authority to make a joint investment with the developer, with the end result being increased property value and tax revenue from an area. These new tax funds do not come from current tax revenues. They directly result from additional taxes generated by the renovated or new investment.
To further clarify, the base taxes paid by any property with the TIF district will be the same whether or not the TIF is implemented.
Any additional taxes collected from the increase in property value are placed into a separate fund known as the increment. This increment is what pays to fund development costs.