When it built a corporate campus in Franklin, Northwestern Mutual Life Insurance Co. provided $1.6 million to the state Department of Transportation for area road improvements. That money is now part of an evolving funding plan to build an interchange at Drexel Avenue and I-94 in Oak Creek.
The cost of the interchange is estimated at $12.8 million.
The funding plan has not been finalized. However, the state has agreed to pay for half of the project and the $1.6 million in funds from Northwestern Mutual would also be used, said Oak Creek Mayor Dick Bolender.
This week Oak Creek officials approved plans to provide a total of $4.4 million for the area including $3.75 million to build the interchange.
In addition to the interchange, the project also includes widening of Drexel Avenue to four lanes between South 13th Street and South 27th Street, Bolender said.
Franklin has not agreed to provide any funds for the interchange project. The city has committed to providing $500,000 for enhanced lighting in the South 27th Street corridor.
It is unclear if the contributions of Oak Creek, Franklin and Northwestern Mutual are adequate to cover the local share for the Drexel interchange project.
The DOT has set a May 1 deadline for local officials to put together a local funding package for the interchange project.
Read more in this week's edition of BizTimes Real Estate Weekly.
BizTimes Real Estate Weekly: $1.6 million from NML may be used for Drexel interchange
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