Whitefish Bay CDA slashes funding proposal to New Land Enterprises to renovate Fox Bay Theater Building
Whitefish Bay officials are recommending a $100,000 grant for New Land Enterprises to renovate the Fox Bay Theater Building — a fraction of the nearly $700,000 the developer asked for.
The Community Development Authority is sending a recommendation to the Village Board to award New Land Enterprises a $100,000 grant and an additional loan of $300,000 payable by June 30, 2025. The loan could be transformed into a grant if the Fox Bay Theater is substantially operational by then, according to the proposal.
If New Land sells the property and makes an excess profit, the proposal includes additional financial details to protect the village's interest. Exact terms are yet to be determined.
Any grant from the Downtown Incentive Grant Program over $50,000 needs approval from the Village Board.
"Even though it's not quite where we want it to be, we're very grateful, " said New Land Chief Financial Officer Sheldon Oppermann. "We take nothing for granted."
If awarded, grant funds would be used for the first phase of the project, which includes renovations of third-floor office space. Those funds would not be used to renovate the theater; however, that doesn't stop Whitefish Bay from helping the theater in a future grant request.
The decision comes after hundreds of Whitefish Bay residents signed a petition asking the village to consider an alternative proposal to reopen Fox Bay. As of Tuesday evening , more than 1,000 people had signed the petition, including Village Trustee Jay Balachandran.
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At the Aug. 16 meeting, eight residents spoke during public comment, some of them saying New Land was asking for too much money for its renovation project.
"As you consider grant options, I think it’s really important that there are larger visions for the theater space," said Tim Nelson. "The challenge for me is to continue to think big for that space."
CDA Chairperson Ray Krueger acknowledged the public's concerns. “We’re pretty tight with the village dollars. We are in a position where we’re able to do some really good things. We understand that it might be controversial," said Krueger.
The Village Board is scheduled to meet Aug. 29.
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Contact Alex Groth at agroth@gannett.com. Follow her on Twitter at @grothalexandria.
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This article originally appeared on Milwaukee Journal Sentinel: Whitefish Bay cuts funding proposal to New Land to renovate Fox Bay
