The Village of Menomonee Falls Board of Trustees voted 5–2 on Oct. 6 to approve a development agreement with Time Crafted Properties LLC and to authorize issuance of a taxable tax-increment municipal revenue obligation (MRO) for a property at W127 N8503 Old Orchard Road in Tax Incremental District No. 18. The MRO is structured to rebate up to $500,000 to the developer over 16 years, with the agreement providing that the owner will pay property taxes and the village will rebate 80% of the increment up to the stated maximum.

Board discussion centered on the projected assessed value and the developer-provided investment figures. Officials said the developer and its design-build firm provided an assessed-value target of at least $3,200,000 for the completed project and described intended investment in the project. Several trustees questioned whether the parcel’s market assessment would reach that level, comparing nearby commercial appraisals and saying the projected value appeared high. Village staff and another trustee noted that the MRO pays only on the actual increment realized and that tax-increment financing uses equalized values rather than raw assessed figures, meaning the village’s rebate is limited to what the increment actually produces.

Supporters told the board the MRO is intended to spur development on a small parcel that officials judged unlikely to redevelop otherwise, and that the project aligns with the TID 18 project plan to reverse disinvestment along Old Orchard Road. Dissenting trustees said the dollar amount represents a high financing share for a modest parcel and expressed concern over the ratio of incentive to expected village tax receipts.

The consent motion to approve the development agreement and the separate resolution authorizing the MRO were both approved by 5–2 votes. The board record shows the motion and second were made during the General Government Committee items and that the resolution delegated authority to the village manager to finalize paperwork. No amendments were recorded.

Authorities cited in the discussion included references to Tax Incremental District No. 18 and the municipal revenue obligation mechanism; trustees referenced the TIF project plan as the governing framework for incentives. The agreement and the resolution were recorded in the board’s consent/General Government Committee actions for the meeting.

Sources: General Government Committee presentation and board discussion at the Oct. 6 Village of Menomonee Falls Board of Trustees meeting. Vote on development agreement and subsequent resolution: approved 5–2.