Latest news with #taxfinancing
Yahoo
02-07-2025
- Business
- Yahoo
Downtown office tower conversion to apartments could get city financing help
A downtown Milwaukee office tower being converted to housing, and a planned Harambee neighborhood affordable housing development, would both receive city financing help under two new proposals. The tax incremental financing districts, proposed by Mayor Cavalier Johnson's administration, would use new property tax revenue created by the developments to help fund them. Those tax districts need Common Council approval. The developments, at the underused 100 East office tower, 100 E. Wisconsin Ave., and Compass Lofts, to be built at 3116 N. King Drive, meet the city's goals for "quality, affordable homes for people in Milwaukee," Johnson said, in a July 2 announcement. 'As our city's population grows, I want current residents and new residents to have reasonably priced living alternatives in neighborhoods all across Milwaukee,' Johnson said. The 100 East conversion would create 373 apartments. That includes 75 "workforce housing" apartments with rents affordable to people earning no higher than the Milwaukee area's median income. Johnson's Department of City Development is proposing tax financing of $14.4 million for the $165 million project. 100 East's conversion is being led by Klein Development Inc. and investor/developer John Vassallo. The 67-unit Compass Lofts is being proposed by Martin Luther King Economic Development Corp. and EA Development. It would include 56 apartments for people earning no higher than 60% of the area median income. The $1.37 million of tax financing would support a $19.8 million development. The two proposals are supported by Common Council members Robert Bauman, whose district includes downtown, and Milele Coggs, whose district includes Harambee. "A thriving downtown is essential to Milwaukee's stability and growth,' Bauman said. Compass Lofts "brings additional affordable housing to the King Drive corridor while transforming a vacant, city-owned property into something vibrant,' Coggs said. The tax financing plans will have initial public hearings before the Redevelopment Authority board on July 17. Tom Daykin can be emailed at tdaykin@ and followed on Instagram, Bluesky, X and article originally appeared on Milwaukee Journal Sentinel: City financing help proposed for Milwaukee office tower conversion
Yahoo
02-07-2025
- Business
- Yahoo
Downtown office tower conversion to apartments could get city financing help
A downtown Milwaukee office tower being converted to housing, and a planned Harambee neighborhood affordable housing development, would both receive city financing help under two new proposals. The tax incremental financing districts, proposed by Mayor Cavalier Johnson's administration, would use new property tax revenue created by the developments to help fund them. Those tax districts need Common Council approval. The developments, at the underused 100 East office tower, 100 E. Wisconsin Ave., and Compass Lofts, to be built at 3116 N. King Drive, meet the city's goals for "quality, affordable homes for people in Milwaukee," Johnson said, in a July 2 announcement. 'As our city's population grows, I want current residents and new residents to have reasonably priced living alternatives in neighborhoods all across Milwaukee,' Johnson said. The 100 East conversion would create 373 apartments. That includes 75 "workforce housing" apartments with rents affordable to people earning no higher than the Milwaukee area's median income. Johnson's Department of City Development is proposing tax financing of $14.4 million for the $165 million project. 100 East's conversion is being led by Klein Development Inc. and investor/developer John Vassallo. The 67-unit Compass Lofts is being proposed by Martin Luther King Economic Development Corp. and EA Development. It would include 56 apartments for people earning no higher than 60% of the area median income. The $1.37 million of tax financing would support a $19.8 million development. The two proposals are supported by Common Council members Robert Bauman, whose district includes downtown, and Milele Coggs, whose district includes Harambee. "A thriving downtown is essential to Milwaukee's stability and growth,' Bauman said. Compass Lofts "brings additional affordable housing to the King Drive corridor while transforming a vacant, city-owned property into something vibrant,' Coggs said. The tax financing plans will have initial public hearings before the Redevelopment Authority board on July 17. Tom Daykin can be emailed at tdaykin@ and followed on Instagram, Bluesky, X and article originally appeared on Milwaukee Journal Sentinel: City financing help proposed for Milwaukee office tower conversion
Yahoo
22-06-2025
- Business
- Yahoo
Surge in firms using loans to pay tax bills amid April increases
The number of businesses using loans in order to pay for tax bills has soared by more than a third so far this year in the face of April cost increases, a major financing firm has warned. Billions of pounds of tax and VAT payments are set to be covered by credit and financing arrangements this year, according to specialist lender Premium Credit. Bosses at the finance provider said it comes as small businesses across the UK face increased 'strain' on their finances due to the recent increase in employers' national insurance contributions. In April, firms were hit by higher NI payments alongside the increases in the national minimum wage and tax increases, such as higher business rates payments and new packaging taxes. Premium Credit said it witnessed a 37% jump in customers using its tax and VAT financing service in the first quarter of 2025 against the same period last year as firms prepared for tax hikes. The number of customers using financing for tax and VAT has jumped by 109% over the past two years, the company added. It added that the average loan used to help pay VAT tax bills was worth around £108,000 in 2024, with this around £70,000 for non-VAT bills. Jennie Hill, chief commercial officer at Premium Credit, said: 'Around £3 billion to £5 billion of tax and VAT liabilities are financed each year and recent increases to employers' national insurance are adding to the strain on SME (small and medium-sized enterprise) cashflow.' Meanwhile, research commissioned by the business surveying small business owners found that 20% of small firms said they worry that paying tax bills will be more difficult this year. Around 28% also cautioned that they think they will struggle to pay a tax bill in the next five years. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
22-06-2025
- Business
- The Independent
Surge in firms using loans to pay tax bills amid April increases
The number of businesses using loans in order to pay for tax bills has soared by more than a third so far this year in the face of April cost increases, a major financing firm has warned. Billions of pounds of tax and VAT payments are set to be covered by credit and financing arrangements this year, according to specialist lender Premium Credit. Bosses at the finance provider said it comes as small businesses across the UK face increased 'strain' on their finances due to the recent increase in employers' national insurance contributions. In April, firms were hit by higher NI payments alongside the increases in the national minimum wage and tax increases, such as higher business rates payments and new packaging taxes. Premium Credit said it witnessed a 37% jump in customers using its tax and VAT financing service in the first quarter of 2025 against the same period last year as firms prepared for tax hikes. The number of customers using financing for tax and VAT has jumped by 109% over the past two years, the company added. It added that the average loan used to help pay VAT tax bills was worth around £108,000 in 2024, with this around £70,000 for non-VAT bills. Jennie Hill, chief commercial officer at Premium Credit, said: 'Around £3 billion to £5 billion of tax and VAT liabilities are financed each year and recent increases to employers' national insurance are adding to the strain on SME (small and medium-sized enterprise) cashflow.' Meanwhile, research commissioned by the business surveying small business owners found that 20% of small firms said they worry that paying tax bills will be more difficult this year. Around 28% also cautioned that they think they will struggle to pay a tax bill in the next five years.
