Public/private redevelopment effort requires more participation from the public portion:
Glendale will have to borrow an additional $16.5 million to pay for public improvements at the Bayshore Town Center, bringing the total spending by the city to $57 million.
Don’t worry, though. As this elaborate scheme is described in the Milwaukee Journal-Sentinel, the private half is getting its own soaking:
RNC Capital Markets conducted a financial study of the city last fall and determined that Glendale could pay an additional $16.5 million toward the financing. The $300,000 or more will be absorbed by the developers as part of the agreement with the city dating back to 2004.
The developers will pay for the study that says the city could pay its millions. And don’t fret, gentle Glendalean; the Journal-Sentinel waves its handy assertions wand to put you at ease:
Home and business property owners in the city will not shoulder any of the borrowing for the project.
Because the city exists independently of your taxes, apparently.
