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Village of Hales Corners Joint Review Board Agenda Packet 2026-06-10

Developer Agreement With CHIFEST Continues Through 2029

$1,650,000 plus interest at 5.5% (original agreement); $285,852 principal and $44,724 interest paid in 2025; $527,313 principal and $74,060 interest remaining (total $601,373)Hales Corners villageCHIFESTJune 2, 2026

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Description

Tax Incremental District No. 4 continues its developer agreement with CHIFEST, under which the District will pay $1,650,000 plus 5.5% interest funded by tax increments. In 2025 the Village prepaid additional principal, reducing future interest costs and leaving scheduled payments through 2029.

Contract Details

Contract Amount

$1,650,000 plus interest at 5.5% (original agreement); $285,852 principal and $44,724 interest paid in 2025; $527,313 principal and $74,060 interest remaining (total $601,373)

Vendor

CHIFEST

Agency

Hales Corners village, WI

Contract Type

OTHER

Document Date

June 2, 2026

Contract Term

Developer agreement entered during period ending December 31, 2016; future principal and interest payments scheduled annually 2026–2029

Renewal Date

2029-12-31

Renewal Info

Original developer agreement executed in 2016; includes scheduled principal and interest payments through at least 2029, subject to availability of tax increments. A 2025 prepayment advanced principal originally due in 2030, reducing future interest.