Proposed $2.8M Taxpayer Gift to Developer Equals $423 Per Shorewood Household

According to 2020–2024 U.S. Census estimates, Shorewood has 𝟲,𝟲𝟭𝟵 𝗵𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱𝘀. The Shorewood Village Board is scheduled to vote on March 16, 2026 on a proposal to sell a public parking lot and provide financial support for a $𝟳.𝟭 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝘀𝘂𝗯𝘀𝗶𝗱𝗶𝘇𝗲𝗱 𝗵𝗼𝘂𝘀𝗶𝗻𝗴 𝗽𝗿𝗼𝗷𝗲𝗰𝘁 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗶𝗻𝗴 𝗼𝗳 𝟭𝟵 𝗮𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁𝘀.

The parking lot currently serves as the 𝗼𝗻𝗹𝘆 𝗮𝗰𝗰𝗲𝘀𝘀𝗶𝗯𝗹𝗲 𝗮𝗻𝗱 𝗼𝗳𝗳-𝘀𝘁𝗿𝗲𝗲𝘁 𝗽𝗮𝗿𝗸𝗶𝗻𝗴 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝘁𝗼 𝗮𝗻 𝗲𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝗱 𝟱𝟰𝟬 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗡𝗼𝗿𝘁𝗵 𝗢𝗮𝗸𝗹𝗮𝗻𝗱 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝗿𝗵𝗼𝗼𝗱.

Under the proposal, the Village would contribute approximately $𝟮.𝟴 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝘀𝘂𝗯𝘀𝗶𝗱𝗶𝗲𝘀 to Spoerl Commercial, the private developer of the project. The estimated public contribution includes:

• $𝟳𝟱𝟬,𝟬𝟬𝟬 in Tax Increment Financing (TIF) funds previously allocated to the project.
• $𝟭 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗧𝗜𝗙 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗿𝗲𝗰𝗲𝗻𝘁𝗹𝘆 𝗿𝗲𝗾𝘂𝗲𝘀𝘁𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿, including costs associated with adding an elevator $300,000 and approximately $𝟳𝟳𝟬,𝟬𝟬𝟬 𝘁𝗼 𝗳𝘂𝗻𝗱 𝗮𝗻 𝗲𝘀𝗰𝗿𝗼𝘄 𝗮𝗰𝗰𝗼𝘂𝗻𝘁 𝗶𝗻𝘁𝗲𝗻𝗱𝗲𝗱 𝘁𝗼 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝘀𝗼𝗰𝗶𝗮𝗹 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 𝗳𝗼𝘂𝗿 𝗼𝗳 𝘁𝗵𝗲 𝟭𝟵 𝘂𝗻𝗶𝘁𝘀. This escrow account is not required and is an optional expense desired by Spoerl.
• 𝗔𝗽𝗽𝗿𝗼𝘅𝗶𝗺𝗮𝘁𝗲𝗹𝘆 $𝟭 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝗳𝗼𝗿𝗲𝗴𝗼𝗻𝗲 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘃𝗮𝗹𝘂𝗲, reflecting the difference between the proposed sale price of $𝟯𝟯𝟯,𝟳𝟯𝟭 and an estimated 𝗺𝗮𝗿𝗸𝗲𝘁 𝘃𝗮𝗹𝘂𝗲 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 $𝟭.𝟯 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗮𝗻𝗱 $𝟭.𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻. The Village Board previously voted to prevent an independent appraisal of the property.

Spread across Shorewood’s 6,619 households, the 𝗮𝗽𝗽𝗿𝗼𝘅𝗶𝗺𝗮𝘁𝗲 $𝟮.𝟴 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗽𝘂𝗯𝗹𝗶𝗰 𝘀𝘂𝗯𝘀𝗶𝗱𝘆 𝗲𝗾𝘂𝗮𝘁𝗲𝘀 𝘁𝗼 𝗿𝗼𝘂𝗴𝗵𝗹𝘆 $𝟰𝟮𝟯 𝗽𝗲𝗿 𝗵𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱, including both homeowners and renters.

Project costs could increase further. If the developer does not secure $950,000 in Affordable Housing Program (AHP) funding from the Federal Home Loan Bank, the developer might ask for an additional $1 million in Village funding. This would raise the total public subsidy to approximately $𝟯.𝟴 𝗺𝗶𝗹𝗹𝗶𝗼𝗻, 𝗼𝗿 𝗮𝗯𝗼𝘂𝘁 $𝟱𝟳𝟰 𝗽𝗲𝗿 𝗵𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱.

The developer’s original proposal stated that “𝗻𝗼 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗲𝗾𝘂𝗶𝘁𝘆 𝘄𝗼𝘂𝗹𝗱 𝗯𝗲 𝗶𝗻𝘃𝗼𝗹𝘃𝗲𝗱” in the project. The developer is free to sell the property and pocket the proceeds.

The Shorewood Village Board is scheduled to vote on the proposal 𝗠𝗮𝗿𝗰𝗵 𝟭𝟲, 𝟮𝟬𝟮𝟲 𝗮𝘁 𝟳:𝟯𝟬 𝗽.𝗺. 𝗮𝘁 𝗩𝗶𝗹𝗹𝗮𝗴𝗲 𝗛𝗮𝗹𝗹.

If you are going to attend only one Village Board Meeting this year, make it this one.