FINANCIAL_SERVICESAMENDED

village_of_elm_grove_plan_commission_meeting_agend.pdf

Elm Grove amends Caroline Heights TID development agreement

TID Grant $8,466,000 plus Installment Grant payments totaling $9,800,000 (no change to totals; amortization shortened from 20 to 15 years)Elm Grove villageCAROLINE HEIGHTS APARTMENTS LLCDecember 1, 2025

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Description

The Village of Elm Grove and Caroline Heights Apartments LLC executed a Second Amendment to their 2023 Development Agreement, revising the Tax Increment District #3 amortization schedule from 20 to 15 years while maintaining an $8,466,000 TID Grant and $9,800,000 in installment grant payments. The change updates Exhibit 16 to reflect a shorter Village Obligations Amortization period and is projected to reduce overall Village costs by approximately $1.88 million over the life of the agreement.

Contract Details

Contract Amount

TID Grant $8,466,000 plus Installment Grant payments totaling $9,800,000 (no change to totals; amortization shortened from 20 to 15 years)

Vendor

CAROLINE HEIGHTS APARTMENTS LLC

Agency

Elm Grove village, WI

Contract Type

FINANCIAL_SERVICES

Document Date

December 1, 2025

Contract Term

Amortization period reduced from 20 years to 15 years for Village Obligations; payments tied to Tax Increment District #3 schedule through projected TID closure (2040)

Renewal Date

2040-12-31

Renewal Info

Second Amendment supersedes and replaces Exhibit 16 of the original 2023 Development Agreement (as previously amended in 2024), shortening the Village Obligations Amortization period to 15 years; all other terms of Article XII and the Agreement remain in full force and effect.

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