The Town of Sheboygan has approved an agreement with Van Horn Development, LLC, on a more than $60 million project northeast of the I-43/Highway 42 interchange.
The mixed-use development is expected to include office, retail, multi-family, townhomes, and single-family pocket neighborhoods, as well as open spaces and recreational facilities.
The Town will invest around $12.4 million raised from a new, 20-year Tax Incremental Financing District towards land acquisition and infrastructure, while Van Horn will put more than $48 million into the project, which has been in the planning stages since 2017.
Town Chairperson Daniel Hein said that the Township’s investment will be recouped by funds collected through the TIF financing, and a guarantee and irrevocable letter of credit from Van Horn will protect the Township from risk. Hein also said Town taxes won’t go up, and the agreement prevents annexation by the City of Sheboygan, guaranteeing that the project and property remain in the Township.
