CITY OF BROOKFIELD — The city of Brookfield will make its final ruling on a $6 million request for financial aid from Milwaukee Tool as the company hopes to expand its corporate headquarters on Lisbon Road.
In November, Milwaukee Tool announced plans for the expansion, which would include a new, 250,000-square-foot office building and the creation of up to 500 jobs over the next 5 years.
The company says that the total cost for the project is $33.9 million and the city is being asked to contribute $6 million in grants via a new tax incremental financing (TIF) district.
The city's total costs for the deal would be $8.4 million including $2.4 million for its borrowing costs. The $8.4 million would be recovered by the city through new taxes generated by the project over at 15-year term.
The Brookfield Common Council will meet tonight at 7:45 p.m. at City Hall, 2000 N. Calhoun Road.