Property Values

Chudnow Druck Valuations Inc.
As a summary, my data analysis determined that residential properties within the subdivision will experience no adverse effect upon marketability and ultimately Market Value as a result of the proposed development.

I also determined that the properties in Fairwinds Subdivision that that lie along Fairwinds Boulevard, will experience some additional adverse impact upon marketability and Market Value with completion of the extension of Fairwinds Boulevard into a round-about that services the proposed development. These comer properties will be exposed to increased traffic, affecting privacy and view with the properties closest to the signed intersection with CTH NN experiencing the most adverse influence. However, it is noted that this External obsolescence influence will occur because of the increase in use of this boulevard as a result of the development of the vacant parcels to the north and the maturation of the subdivision. It is not specific to the Fountain Park Apartment Homes development.

– Chudnow Druck Valuations Donna L. Matti, Senior Supervising Appraiser

Risk Management

M3 Insurance Solutions
We insure Teronomy Builders and their other multi-family communities. Based on our size as the largest independent insurance agency located in Wisconsin, we have vast experience in reviewing and underwriting multi-family projects. We consider Teronomy Builders and their projects as “Best in Class” when we rate them against other similar companies and projects. Their multi-family communities are extremely well maintained and well run. As an insurance and risk management organization, we have seen the positive growth in multi-family communities, and believe that such growth is positive not just for the residents, but also for the municipalities where they are located.

On a personal level, I have experienced the process of apartments being proposed and built near the home I own in Burlington. For each project, there was a group of people that were strongly against it from the beginning. They would cite financial issues, traffic issues, crime, etc. as reasons for their concern. The projects did go forward and the apartments were built. I now live very close to over 500 apartment units. There have been no notable issues or anything else that has resulted from the apartments being built. I see the residents of these apartments every day shopping at our local stores, sending their kids to our schools and enjoying what our town has to offer. Overall, the communities have been a positive for Burlington.
-M3 Insurance Solutions Phil Procter


Citizens Bank of Mukwonago
Citizens Bank has been a proud member of the Mukwonago community since 1892. The bank has grown and prospered as a result of the growth and development in the Mukwonago area. A bank needs financially sound businesses and consumer customers to be successful.

I realize that the proposed Fountain Park Apartment development is currently being considered by the Village board. Of course, we have customers on both sides of this issue and, as a result, we choose not to take either side but instead we will rely on informed Village Officials to make the right decision for our community.

However, the purpose of my letter is to endorse Teronomy Builders as a fine area business. Our bank has been fortunate to do business with Teronomy Builders and the Larson family for many years and they are respectable and successful business people with good character. The company and the individuals are someone that we can recommend. I feel that they would be a great addition to the Mukwonago business community.

Thank you for your efforts in keeping the community informed on this pending matter.
-Citizens Bank President Douglas R. Bruins

Fountain Park Property History
Former Owner of Chapman Farms
We purchased this property many years ago to both farm and as an investment for our future. Over the past 10 years, we have marketed our property for sale as single family development but were unsuccessful for various reasons including total number of acres.

During this time we were approached on numerous occasions to divide the property for developers projects such as retail, industrial and multi family and single family.

As we intend to remain in our homestead, our hope was to work with a developer who would be a good neighbor to us as well as beneficial to the community. We feel that Teronomy’s Condominium [sic] project is a perfect fit.
Fern Chapman, former owner of land to be developed at Fountain Park Apartments

Waukesha County Government

Waukesha County Board of Supervisors
The city planners utilizing Regional based studies to address housing and employment needs took advantage of resources designed to enhance future considerations regarding the impact of our area’s continued economic growth. This is being done by many of the municipalities in Waukesha County.
Chairman, Waukesha County Board of Supervisors Paul L. Decker

Waukesha County Department of Land Use
From the information provided, it appears as though the Village is considering taking steps consistent with the guidance of both the regional and County land use plans in attempting to provide for a more diversified range of housing and mixed uses in areas served by municipal services.
Waukesha County Department of Land Use Staff Member Jason Fruth

Public Safety

Mukwonago Police Department
Based on research into existing calls for service within the village and within similar developments in surrounding municipalities, the projected calls for service at Fountain Park would be on average with calls we receive in single-family home subdivisions.
Village of Mukwonago Police Chief Kevin Schmidt

Job Creators in Village of Mukwonago

USA Heating & Cooling
It is my understanding that there is a pending development in Mukwonago called the Fountain Park Apartments. As a local businessman in the area I would like to show my support for projects such as this one. It is projects such as these that keep our economy growing and give good paying jobs to our local citizens. I’m not talking about part time type jobs to supplement a family income, but jobs that feed and take care of families.

USA employs on average 25 to 35 employees with good paying jobs and its projects such as Fountain Park Ap~rtments that keep them employed. These type of projects not only keep the new construction world busy and growing (and we all know how the new construction industry has been in the last 8 years) but it also has a long term effect on our economy as well. It keeps service technicians, maintenance people, managers, city workers (and the list goes on and on) all employed. In return these employed people spend money in our economy by buying goods and services which employ other people. Not to mention the large tax base it brings to the local government. It allows building and upgrading schools, parks and other entities for all people to enjoy.

In closing I would just like to emphasize my support for projects such as this and I feel it would be a shame if these projects are not approved. I believe it is these types of projects that grow our community and Mukwonago to be strong vital areas people are proud to live in.

Thank you for your time and God Bless you all,
– Owner /President Peter W Bonert

GS Global Resources
I am a business owner and lifelong Town of Mukwonago resident with manufacturing operations in New Berlin and Mukwonago (village). We currently have twenty employees in our Mukwonago operation, with the intention of moving another 100 jobs out of New Berlin and into Mukwonago in the near future. Moving a company is no small endeavor. Choosing Mukwonago as a location of choice for my business involves many factors, with the strongest considerations being given to the impact on our valuable employees. We have good paying manufacturing jobs averaging $20/hr. with many earning higher wages while our degreed engineers and office professionals earn more. Many of these people want to work close to their home. These young working families unfortunately cannot purchase a typical $300,000+ home in Mukwonago. They come from Greenfield, Oak Creek, Brookfield and surrounding communities and have many choices for reasonable housing alternatives in those communities. That is not the case in Mukwonago today.

Many people come to Mukwonago with a young family, and they choose to stay into retirement and beyond. That stability is part of what keeps Mukwonago the great community that it is. It also contributes to one of the current problems facing our schools, and that is the declining enrollment due demographics of the community. Bringing jobs and young families to Mukwonago is a source of pride for me. I feel confident my employees would also be proud to call Mukwonago home. Let’s give them a reasonable housing option and welcome them to the community. The Fountain Park multi-family project proposed on Highway 83 across from Kwik Trip would provide the quality housing these professionals would seek for their families, and is comparable to their current housing in other communities.
GS Global Resources President John Thornton

Gearbox Expres
As the owner of a rapidly growing business located in the Village of Mukwonago, the addition of quality, affordable housing obviously is a huge benefit to us. I am very pleased with the quality of the recent development in the Village and have no doubts that the Fountain Park Project will be any different.

It is clear to me that the current Village leadership has a clear vision of what they want from a development perspective with the new industrial park where we are located, as well as other recent developments, such as Kwik Trip and Aldi, which are other great examples of their leadership.
Gearbox Express CEO Bruce Neumiller

New and expanding businesses look for population growth when considering cities for expansion, so it is great to hear about new residential development projects in Mukwonago! Additionally, the plans for Fountain Park include the type of housing that caters to middle-income, working individuals. This is exactly the type of people I consider employees and shoppers of our new Aldi store. This project is exciting news for the Village.
ICAP Development Managing Partner Brian R Adamson

Home Depot
As a local business interested and vested in the continued growth of our community and the local economy I, as the store manager of the Mukwonago Home Depot, felt it important to voice my opinion concerning the pending Fountain Park Apartments Development as proposed by Teronomy Builders.

My personal support and that of my store as a business unit is solidly in favor of this development.

From the standpoint of a local business, this development is an unarguable economic and financial benefit for a variety of reasons; some of the more outstanding and prevalent of which are: Growth of customer base: As a business in the community, we are a business of the community. The success and growth of the Mukwonago Home Depot is intertwined with the success and growth of the Village of Mukwonago. This development and the addition of over 400 local residences simply provides more business and growth opportunity for my store as well as other businesses in town.

Growth of qualified applicant/associate pool: As with any business, staffing and the availability of a large, qualified and local staffing pool is equally vital to business growth as is the growth of a customer base. As our overall economy continues to improve and the unemployment rate continues to drop, the depth of our talent acquisition pool continues to shrink. Adding additional and diversified residences to our community would better enable us to fully staff and continue to grow our business.

Local economic boost of a $30,000,000 project: Quite simply put, a $30,000,000 development will mean additional business for The Home Depot. A construction project of this scope will bring jobs, supporting jobs, spend and supporting spend into our community. My business as well as many others in our Village can only benefit from such an investment. Specifically to my business, the Mukwonago Home Depot already has a healthy and growing business relationship with the developer (Teronomy Builders) and the approval of this project would undoubtedly be the catalyst for additional business in this store. Additional business-growth further means additional job availability within our store.

Impetus for further business development: Success breeds success; growth feeds growth. Taking into consideration the few reasons noted prior, I am confident that the Mukwonago Home Depot will not be the only business to directly benefit from the economic and populous growth; the entire business community will. And that growth can be the catalyst for further growth and development of both business and residential investments; the proverbial snowball effect amplified by one well-planned development.

Furthermore and in closing, I have to say that I have spent time fully reviewing the plans for this project and have had multiple personal conversations with the developers themselves; and I am impressed by the detail of both the business and physical plans that they have been put in to this development. Not only am I confident in the economic gains that would benefit my store, but I also feel that this is a development that will benefit our community for years to come and serve as a catalyst for multi-faceted growth throughout many different aspects of our community.

Thank you for your time and attention to this letter and consideration of this matter; I felt it important that my opinion as a local businessman be heard in support of this project. And, I would like to offer my services if there may be follow up questions about any of what I have represented here, please feel 100% free to contact me and I will do whatever I can to satisfy those inquiries.
-Home Depot Store Manager Jeff Boss

Community Services

Mukwonago YMCA
I have the utmost trust and respect for the decision makers on the topic of development in this community. They have improved community options for goods and services by allowing Aldi’s, Kwik Trip, emergency services at ProHealth Care, and our YMCA in the recent past. Having more residents to serve would be great for all businesses in Mukwonago.
Mukwonago YMCA Executive Director Geoffrey Mertens


Anderson Commercial Group
My name is Ray Goodden, and I am a commercial broker, a business owner, a commercial real estate owner, and a resident of the Town of Mukwonago.

As a commercial broker, it is my job not only to market and sell commercial real estate, but as the agent representing the Village of Mukwonago, it is also my objective to help encourage new business in our community. As we all know, healthy growth of any community requires attention to population growth, economic development, education, goods and professional services, natural resources, green space, industry, and housing development, among many others.

Due to sound, considered planning and action, Mukwonago has made great strides in the last few years, opening the door for exciting new business opportunities for our community. Due to our forward thinking, several larger corporations have opened businesses here to provide goods and services for the residents of Mukwonago. A natural consequence of this growth is the need for housing for those who see what a great place Mukwonago is and want to live and work here. We need to be able to offer options for housing that includes higher end apartment living for young professionals.

In my opinion, Teronomy’s housing proposal is an ideal answer to Mukwonago’s housing needs. The benefits of this development to Mukwonago will be manifold. It will not only be aesthetically pleasing in its construction and landscaping, but will be built with the highest construction standards and will significantly increase our tax base.

As a business owner in the village and a tax payer, I welcome sensible, intelligent, balanced growth. I believe that a healthy community must grow or stagnate. Stagnation does not encourage businesses to stay or encourage new business to move to Mukwonago. Although there are many great reasons why more housing is needed in Mukwonago, the pure economics of the Teronomy development mean not only more customers for my store, but a greater tax base for our village. An increased tax base means a more robust local economy and in turn brings a greater quality of life here in the Village.
–Anderson Commercial Group Vice President Ray Goodden

Real Estate Development Attorney
Mukwonago is a perfect fit for Fountain Parks because it is minutes from Milwaukee, with convenient access to Chicago and Madison, which caters to the needs of millennials and young professionals – the prospective residents of Fountain Parks.

High-end multifamily does not exist in Mukwonago, and this type of product will cater to millennials, young professionals and baby boomers that desire a higher standard of apartment with high end amenities.

Fountain Parks will have a huge positive impact on Village’s finances with its owners paying annual real estate taxes of over $574,000 once the project is completed with more than $235,000 going directly to the Village. It is well accepted that the cost of municipal services are be less for a multi-family development like Fountain parks than they would be for a single family development.

The School District predicts that Fountain Parks will contribute approximately 90 students to the district, which will generate over $800,000 in additional annual state aid. Once completed, the portion of Fountain Parks real estate taxes that are paid to the School District will be more than $260,000 annually. The completion of Fountain Parks will likely generate more than $1,000,000 annually in revenue to the School District.

Real Estate Development Attorney Robert C. Procter

Education & Taxes

Mukwonago Area School District
This is written in response to concerns expressed by some Village of Mukwonago residents regarding the Fountain Park proposal and the potential impact upon our schools. We have spoken to the Village Planner, Bruce Kaniewski, and officials from Teronomy Builders to get an accurate estimate of the potential student population living within the new development. Based upon their estimate, we want to stress to the Village that we have the space in our schools to educate the projected ninety additional students.

The Mukwonago Area School District is ninety square miles and contains all or parts of eleven different municipalities. Our eight schools educate approximately 4800 students. Due to declining population in Waukesha County and a decrease in home building over the past decade within our district, we have experienced declining resident student enrollment for the past seven years. This has had a negative impact upon our schools as state funding is driven by resident student enrollment. We have been able to mitigate this impact by accepting over 450 open enrollment students (students living outside the district’s enrollment boundaries). However, the state funding for these students is approximately two-thirds of a resident student. Thus it’s in the best interest of our schools and our taxpayers to increase resident student enrollment. As our resident enrollment increases, we will be in a position to decline open enrollment requests and ensure space for our students living within the district.

According to the latest accountability measures from the Department of Public Instruction, the Mukwonago Area School District is rated in the top 8 % of all K-12 districts in Wisconsin. We firmly believe that great schools provide outstanding value to our community by increasing property values and making the Village of Mukwonago an attractive place to live. The Mukwonago Area School District values our partnership with the Village of Mukwonago. We look forward to working together on future projects such as the 2nd Annual Economic Development tour. Increasing development and resident enrollment will ensure better funding for our schools and a greater value of our taxpayers. Please don’t hesitate to contact me with any questions or concerns. Thank you.
–Mukwonago Area School District Superintendent Shawn McNulty


Kunkel Engineering Group
Kunkel Engineering Group was selected by the Mukwonago Village Board in January, 2014 to undertake the design and construction of a Village owned Business Park within the STH 83 corridor, south of I-43. The 50 acre business park is presently under construction at a costs of $2,200,000.00 and when complete, will serve as the home of Gearbox Express. The Mukwonago Business Park, as constructed, is considered to be the first phase of the development which will entail almost 400 acres when future phases are ultimately completed.

We understand that both the Village Plan Commission and Village Board are currently considering a proposal from Teronomy to construct a 448 multi-family rental community development on 21 acres within the Chapman Farm property. Although Kunkel Engineering Group is neither a developer nor a stakeholder within the community, we felt it incumbent to offer both our opinion and suggestions as to why this multi-family proposal should be carefully considered by Village of Mukwonago policy makers.

First, the intent behind any economic development venture, such as the Mukwonago Business Park, is both to create tax base and provide jobs within the community. Most companies looking to relocate to a community, including the Village of Mukwonago, have comprehensively reviewed transportation facilities, the local school district, and the availability of housing for staff and workers as well as other community commodities including fine arts, recreational opportunities, utility rates and the potential for business incentives. The availability of housing is a prime component within the relocate/non-relocate equation.

Second, residents and work staff in today’s economy are significantly more mobile than past generations. It is uncommon today for any person to hold a job for 25 years or live in their homes until the 30 year mortgage is paid off. The increase in multi-family housing, especially in the new millennium, has played a prominent role in offering companies and people the opportunity to relocate their families to take advantage of better employment opportunities.

Third, over the past decade, many individuals within the millennium generation have entered the workforce throughout the country. The attributes of this generation include seeking employment opportunities that will offer more lifestyle benefits, housing unencumbered by maintenance tasks including yard work and upkeep as well as lifestyle alternatives that may enable them and their families to live in a climate, region or area that best meets their individual needs. Affordable, well maintained and community orientated rental housing is an important ingredient for consideration of people and firms wishing to relocate to the Village of Mukwonago.

In closing, we believe that it is the task of the Village of Mukwonago Plan Commission and Village Board to provide for the orderly development of a community in a conscientious and environmentally positive manner. I am confident, in the short time we have worked for the Village of Mukwonago, that the individuals charged with making those decisions are intuitive, reasonable and dedicated to the community as a whole. Therefore, we believe that the Village should give careful consideration to the merits of the proposed Fountain Park Apartment development.

Thank you for the opportunity to express our views with regard to the above-captioned project.
–Kunkel Engineering Group, Craig J. Kunkel, P.E.

Lynch & Associates
The proposed Fountain Park planned apartment development is strategically located on the north side of Mukwonago with close access to I-43 and for prospective residents who work in the Waukesha Lakes area along the STH 83 corridor.

The site topography is relatively flat which fits the proposed development well and will minimize changes to the existing land.

The development will serve future Village needs by extending sanitary sewer and watermain to the north of the proposed development. This is a critical to the overall Village planned development of this area.
Lynch & Associates Timothy C. Lynch, PE