CONTACT: Thad Nation, 414-412-7814
Proposes commitment to work with City on future anchor tenants
Oconomowoc, WI – Last Wednesday, January 22nd, Pabst Farms Development Inc. submitted a proposed amended General Development Plan (GDP) for the Pabst Farms Town Centre to the City of Oconomowoc.
The proposed GDP accomplishes three things. It removes a monument wall and underground storm water basin, neither of which is expected to receive opposition. Pabst Farms’ continues its commitment to four-sided architecture making the monument wall unnecessary and the revised proposed density now allows a conventional storm water basin. The last modification is an increase in the allowed size of the two anchor tenants.
“As various Council members and the Mayor have asked, Pabst Farms is looking for as many alternative anchor tenants as possible,” said Peter Bell, President of Pabst Farms Development Inc. “A major drawback to our search is the maximum size of the anchor buildings that is simply too small for a number of alternative potential anchors. In order to attract these anchors, it is vital to show those anchors that our commercial center is “shovel ready” with approvals in place for those potential larger buildings.”
Pabst Farms also expressed their sensitivity to the community’s concern about a Walmart.
“We would like to assure you that Pabst Farms’ amendment to the GDP is not ‘all about Walmart’,” Bell said. “Pabst Farms has no current Purchase & Sale Agreement with Walmart and further will not enter into any Purchase & Sale Agreement with Walmart for 12 months.”
Pabst Farms also offed a commitment to the council on the selection of an anchor retailer going forward:
“It is our understanding that any retailer desiring to locate in either of the anchor sites will require additional approvals from the City. Pabst Farms will not challenge the City if it denies such approvals as requested by Walmart. Pabst Farms will respect and abide by the decision of the City (Common Council) relative to any review of an application from Walmart during an 36 month period from date hereof. It is our intent that the Council may rely on this covenant in making a decision on Pabst Farms Town Centre proposed amendment to the GDP.”
The proposed Town Centre is located in TID 3 in Oconomowoc, the largest and most successful TID in the history of Waukesha County. When the TID closes out at the end of 2014, at least $172,000,000 of assessed value will be returned to the tax rolls. That includes an estimated $1,000,000 in tax revenue to the City of Oconomowoc The proposed Town Centre would break ground after the closure of the TID, meaning the $750,000 to $1 million in additional taxes derived from $150,000,000 to $200,000,0000 of development would go straight onto property tax rolls. The TID was scheduled to close in 2013 but the city converted it to a donor TIF to help fund the failing downtown Oconomowoc TIF.
ABOUT PABST FARMS: Building to the land, not on the land is the vision of Pabst Farms. This vision carries on the spirit of conservation and land management that began with Fred Pabst over 100 years ago. The privately held, master-planned 1,500- acre community offers a variety of residential developments, office buildings, light industrial, civic elements and health care facilities in addition to innovative stores, lodging and restaurants.
