Library Hill
740 W. Wisconsin Ave.
Redeveloped blighted block of West Wisconsin Avenue into first workforce housing project downtown (144 units/6k sf retail) using $17m of double tax exempt bond financing and $3m of UDAG and environmental grants. Unique partnership technique that resulted in the MDC and 18 of its member companies providing $1m in deposits and $17m in corporate guaranties. The $20m project was worth $11m upon completion but rents paid down low-cost debt so that over 15 years, 4 refinancings have removed the guaranties, returned the deposits and has provided $9m in additional funding for other community projects.
| Project Details | |
|---|---|
| Start Date | 1997 |
| End Date | 1998 |
| Initial Investment | $1,000,000 |
| Partners |
|
| Financial Impact | $20,000,000 |
Library Hill – Before
