By LINDA MCALPINE Daily News
GERMANTOWN — A new retail development is in the works for 3 acres of land just west of the Germantown Plaza II on County Line Road.
The board also approved a certified survey map for the property. Plans call for the building on a 21,750-square-foot retail center that could accommodate three tenants.
Village President Dean Wolter said the new retail center would be located west of the existing development that is home to World Market and T.J.Maxx. “They haven’t said who the tenants will be but they have shown us plans of what the building will look like,” said Wolter of Core Commercial.
The village is also moving ahead with a development of its own as the board commissioned several studies to be done on the 200 acres of land being proposed for a new business park east of Lannon Road, and north of Appleton Avenue.
A traffic impact study will be done by Graef Engineering of Milwaukee. Village Engineer Brionne Bischke said Graef is studying the intersection at Freistadt and Maple roads.
Himalayan Consultants of Germantown was awarded a contract to perform the environmental study, a task similar to one it performed for the village during the Donges Bay Road rehabilitation project, Bischke said.
A geotechnical study will be done by Professional Service Industries of Pewaukee. Bischke said the geotechnical study will evaluate the ground through soil borings. The study will make recommendations on construction such as foundations and roads as well as stormwater management, according to the company’s proposal for the contract.
“There is a fuel pipeline that bisects the property and the study will determine the elevations to the top of the pipeline,” Bischke said.
The village is proposing to develop the new business park in two phases and the contracts awarded for the studies Monday night are for phase one. The Village Board received some good news relating to the sale of more than $3 million in general obligation promissory notes.
Maureen Schiel, financial specialist with Ehlers Associates Inc. of Brookfield, said the winning bidder for the promissory notes was Janney Montgomery Scott LLC of Philadelphia.
Schiel said the interest rate came in at 1.6 percent and the amount that was borrowed was able to be reduced from the proposed $3.79 million to $3.71 million because of an underwriter’s discount and a decrease in the costs of issuance.
“The village’s Aa2 rating with Moody’s Investor’s Service was also seen as attractive and that the village has an operating surplus,” Schiel said.
The village’s borrowing will pay for its planned capital improvement projects, Wolter said.