The City of West Allis, recently received $35 million in federal New Markets Tax Credits, which will be used to assist redevelopment projects in Milwaukee, Racine and Kenosha counties
First-Ring Industrial Re-Development Enterprises, an entity formed earlier this year by the City of West Allis that is similar to the Milwaukee Economic Development Corp., recently received $35 million in federal New Markets Tax Credits.
The tax credits will be used to assist redevelopment projects in Milwaukee, Racine and Kenosha counties, said John Stibal, West Allis director of development.
"It will be used for your basic redevelopment projects," Stibal said. Preference will be given to projects that create a large number of jobs and add significantly to the tax base, he said.
As a land-locked and built-out suburb, West Allis has been working for years to redevelop its many obsolete industrial sites. The redevelopment of much of the former Allis Chalmers plant into the Summit Place office complex is the city’s biggest redevelopment success story to date.
Now the city wants to use its redevelopment expertise, and the tax credits, to help other redevelopment projects, even projects in other parts of the region.
"Economic development is regional by its very nature," Stibal said. "Whenever you create a job, it benefits not only your community, but the whole area. If every (community) does its part, we’ll all be better off."
