Management seeks PILOT relief for Sherwood Cliff Apartments; board asks for details, declines automatic forgiveness

Management representatives for Sherwood Cliff Apartments told the Village Board they were seeking relief or a deferral of the 2010 PILOT (payment in lieu of taxes), citing low reserves and a plan to restore occupancy.

At a May meeting Chris Hand of Wisconsin Management Company described the property’s financial condition and proposed measures to stabilize cash flow, including management actions to lease vacant units. Hand said management expected to re‑rent several units in the coming months and projected reserves might last “a year or two.” He asked for 100% relief of the 2010 PILOT payment or alternative repayment terms.

Board members expressed differing views: some trustees said the village should not subsidize the property without concrete evidence of hardship and a plan, while others supported deferral and further discussions. The board directed staff to continue dialogue with management, seek demographic and occupancy information and consult the Village Attorney on legal options.

No final forgiveness was granted at the meetings summarized in the minutes; trustees asked for more specific financial documentation and a proposed repayment plan before considering any reduction or deferral.