Village celebrates downtown redevelopment success

Grafton’s downtown tax increment finance district has closed after 22 years, 13 major redevelopment projects and an added $61.5 million in increased property value.

Village leaders, developers and community stockholders gathered Oct. 8 in Lumberyard Plaza, which was funded by the TIF district, to celebrate the success of the district.

The 55-acre district, which encompassed more than 180 properties, was founded March 3, 1999, with a value of $21 million. When it closed March 3, the end value had grown to $82.5 million.

Village President Jim Brunnquell, who helped create the district, thanked members of the Economic Development for Grafton Enhancement group and of the Community Development Authority for the thousands of hours they contributed to ensuring the district’s success through the years.

“I’m extremely proud of what we as a community have accomplished,” he said.

Projects supported by the TIF district include The Berkshire, BMO Harris Bank, Cary Building, The Heritage of Grafton Condominiums, Mill Square, Water Terrace Condominiums, Milwaukee Ale House, Twelve 18 Grafton, Blue Sky Office Building, Bridge Street Professional Building, Grafton Hotel Apartments, Atlas BBQ building and three phases of the Lumberyard project.

Hotel Grafton Apartments owner Paul Rushing said that when he purchased the historic hotel building at 1312 Wisconsin Ave., securing loans from banks was difficult. Without village support through the TIF district and a loan through Citibank, he said, the restoration project may have never come to fruition.

“If we hadn’t had the TIF dollars that came from the village, it wouldn’t have happened,” Rushing said.

TIF funds also went toward facade improvements on nine buildings, funded the downtown sign program that serviced about 30 businesses, financed the downtown loan program and paid for improvements in public spaces such as the Riverwalk, Paramount Plaza, Lumberyard Plaza and the pedestrian path in Veterans Memorial Park.

TIF funds have also supported public infrastructure such as street reconstruction, traffic signal installation, underground utility construction and work on the Bridge Street dam.

Grafton Chamber of Commerce Executive Director Pam King said that before the TIF district and the projects that came with it, residents sought a downtown area that would give Grafton an identity and serve as a business hub. The creation of the district was the start of just that, she noted.

“Personally, as a 33-year resident, this was really the start of how our community changed and grew,” she said.

Village Administrator Jesse Thyes said improvements from the TIF district have created a downtown area that can serve as a focal point in Grafton.

 “This is something Grafton can be proud of not only now but for generations to come,” he said.