In a recent Community Development Authority meeting held on April 12, 2025, in West Allis, significant discussions centered around a proposed development project aimed at revitalizing a blighted property. The meeting highlighted the city's ongoing negotiations with F Street regarding a Letter of Intent (LOI) for the purchase and redevelopment of the site, which has been a source of concern due to its deteriorating condition.

The proposed project involves the demolition of existing structures to make way for new residential units, specifically 56 apartments. The developers have requested a loan of $8,860,000 from the city to facilitate this process. This loan would be issued at the city's borrowing rate, currently estimated at 5.5% to 5.75%, with a repayment structure that includes monthly interest payments and a balloon payment upon securing construction financing.

The urgency of the project is underscored by an ongoing foreclosure process on the Cardinal Capital site, which necessitates swift action to avoid further deterioration. The city aims to close on the property by April 15, 2025, to ensure that the redevelopment can proceed without delay. Additionally, the meeting addressed the need for demolition assistance to expedite the removal of blighted structures, which has become a nuisance in the community.

The discussions also touched on the potential creation of a Tax Increment Financing (TIF) district to support the project financially. The TIF would help bridge funding gaps and is expected to be proposed later this year, with the planning commission's approval targeted for May. The timeline suggests that construction could commence as early as late 2025, contingent on the successful navigation of various approvals and agreements.

Overall, the meeting underscored the city's commitment to addressing blight and enhancing community development through strategic partnerships and financial support for redevelopment initiatives. As the city moves forward, the focus will remain on protecting its interests while fostering growth and revitalization in the area.