NOW:53129:USA00949
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA00949
25°
H 28° L 16°
Cloudy | 7MPH

Tough Economic Times Mean Local Governments Must Work Together

July 31, 2011

At a time when retailers are struggling, developments are at a standstill and municipalities are facing significant funding cuts, it is critical that municipalities work together to identify new, creative and smart approaches to revitalizing local economies and encouraging economic development.

 

Municipalities may independently recognize and implement the financing tools and other resources to help spur development without considering the larger regional benefit.

 

The current economic climate should encourage municipalities to look past municipal borders and recognize the importance of real estate developments on a regional basis. In Greendale, we have been energized by neighboring municipalities and their willingness to advocate for developments in Greendale. Although not under their jurisdiction, the leaders of neighboring communities have realized that an area like the 76th Street corridor, anchored by Southridge Mall, can be a nucleus of change that can spread throughout the region and benefit businesses, residents and governments that reside outside of Greendale. The support of Greenfield, Franklin, Oak Creek and Hales Corners was, and remains important to our success.

 

For several years now, it has been a top priority of the Greendale Village Board to explore various options for a revitalization of the 76th Street commercial area. Last November, we announced a partnership with the owner of Southridge Mall, Simon Property Group (SPG) to undertake a multi-million dollar redevelopment of Southridge Mall. Through our partnership, SPG committed to a multi-million dollar revitalization, $12 million of which is in the form of a Tax Incremental Financing (TIF) district, at no cost to Greendale taxpayers. As a result, we anticipate that the value of Southridge will increase by $52.5 million.

 

In order to set the nucleus, the decision to utilize a TIF was a carefully considered, well thought out strategic investment to help return Southridge to the dominance it once enjoyed. Following the announced investment in Southridge, including the addition of Macy’s, we have seen additional exciting opportunities arise in our community. The senior housing development Berkshire-Greendale is underway, a proposed Wal-Mart development was recently approved and most recently, BonTon announced that it will be remodeling and renovating its Southridge location.

 

The recent Aerotropolis Milwaukee initiative, unveiled by the Gateway to Milwaukee, is another great example in which eight Milwaukee County municipalities and airport connected business owners are working shoulder to shoulder to stimulate regional economic development and competitiveness. Recognizing these new opportunities for growth and development allows communities and businesses to maximize future return-on-investments and stimulate economic development for years to come.

 

Although it may be too soon to speculate on the greater impact of these investments in our community and throughout the region, we understand the strong regional financial foundation provided by destinations like Southridge and the airport and the need to help them compete within a global economy. It's vital for the long-term economic stability of Greendale and our neighbors.

 

Greendale and its surrounding communities have realized that local governments must work as a team. We can no longer compete as communities. Rather, in this global economy we must join together, pool our resources and work toward the success of the region. We have a long way to go and will likely need to continue to rethink and reevaluate the way local governments operate and attract new residents, businesses and opportunities, but looking at the good news coming out of Milwaukee’s South side, the tearing-down of municipal economic development boundaries is meeting success.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.


Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.

Community Watch

» Graverson returns as Franklin girls basketball team wins regional 3/1

» Man found dead in Cudahy fire still not identified 2/27

» Oak Creek's Hakes back in state wrestling semis for second time 2/27

» Southridge Mall announces Eddie Bauer addition 2/26

» Dr. Seuss' birthday celebrated at Oak Creek library for Family Fun Night 2/25

» Got stuff? The Clutter Coach is coming to Oak Creek to help 2/25

» Oscar's Frozen Custard to open new location in Franklin 2/24

» OCFSD considers more than $1 million in proposed capital improvements 2/24

» West Allis superintendent finalists hail from Shorewood, Greendale, MPS 2/23

» Tickets now on sale for Greendale High School's 'Guys and Dolls' spring musical 2/23

» Milwaukee County Transit expands bus service to Oak Creek 2/19

» Sikh Temple shooting examined in one-hour documentary Monday 2/19

» Polish Center of Wisconsin begins Friday night fish fry for Lenten season 2/19

» Colleen Perry named Educator of the Year by Greendale Chamber of Commerce 2/19

» Greendale's John Tharp seeks new job with West Allis-West Milwaukee Public Schools 2/18

» Four Greendale School Board candidates will vie for two seats in general election 2/17

» Four OCFSD school board candidates advance to April's general election 2/17

» Oak Creek District 3 candidates advance to April's general election 2/17

» Dental Associates named Business of the Year by South Suburban Chamber of Commerce 2/17

» 'Spite Fences' author to visit Whitnall Middle School students 2/17

» Boerner Botanical Gardens to host winter bird arboretum walk 2/17

» Candidate appointed to vacant Oak Creek-Franklin school board seat 2/16

» Proposed veterans memorial stands a fighting chance at Broad and Southway location 2/16

» Slow-developing Hampton hotel in Franklin now expected to open in spring 2/16

» The Rock Sports Complex commended by South Suburban Chamber of Commerce for its 'Pride in Premises' 2/16

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Local Business Directory

CONNECT