Tax
Incremental District Number One, Village of
Greendale
The Village has approved the creation of a Tax
Incremental Financing District to promote
redevelopment at Southridge Mall. In the left
sidebar are links to a draft of the Project Plan
for the proposed district and information about
the proposed project. The Project Plan has been
prepared in conformance with the provisions of
Wisconsin Statutes Section 66.1105 (the “Tax
Increment Law”).
TIF Basics
No Negative Effect on Taxes
The base taxes paid by the properties within the tax incremental financing(TIF) district to the Village of Greendale, the Greendale School District, Milwaukee County, and the Milwaukee Metropolitan Sewage District will be the same with or without the TIF.
New Taxes Generated by the Project Fund The Development Costs
The additional property taxes that are collected from the increased valuation due to the development are placed in a separate fund. Those additional property taxes collected within the TIF fund are known as the increment. The increment is used to fund the development costs.
Builds Additional Tax Base
After the development is completed and the TIF increment is paid out, the TIF District is dissolved, and ALL property taxes are then distributed to the Village of Greendale, the Greendale School District, Milwaukee County, and the Milwaukee Metropolitan Sewage District.
Tax Increment Financing is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment of an area, with the intent that any short term gains be reinvested and leveraged so that all the taxing bodies will receive larger financial gains in the future. The funds for this investment do not come from current tax revenues, but from the additional generated by the new development. These new revenues are generated by increased public and private investment in identified, underperforming, areas.
When a TIF redevelopment project area (often called a TIF district) is created, the value of the property in the area is established as the “base” amount. The property taxes paid on this base amount continue to go to the various taxing bodies as they always had. It is the growth of the value of the property over the base that generates the tax increment. This increment is collected for use by the municipality to make additional investments in the TIF project area. This reinvestment generates additional growth in property value, which results in even more revenue growth for reinvestment.
TIF Basics
No Negative Effect on Taxes
The base taxes paid by the properties within the tax incremental financing(TIF) district to the Village of Greendale, the Greendale School District, Milwaukee County, and the Milwaukee Metropolitan Sewage District will be the same with or without the TIF.
New Taxes Generated by the Project Fund The Development Costs
The additional property taxes that are collected from the increased valuation due to the development are placed in a separate fund. Those additional property taxes collected within the TIF fund are known as the increment. The increment is used to fund the development costs.
Builds Additional Tax Base
After the development is completed and the TIF increment is paid out, the TIF District is dissolved, and ALL property taxes are then distributed to the Village of Greendale, the Greendale School District, Milwaukee County, and the Milwaukee Metropolitan Sewage District.
Tax Increment Financing is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment of an area, with the intent that any short term gains be reinvested and leveraged so that all the taxing bodies will receive larger financial gains in the future. The funds for this investment do not come from current tax revenues, but from the additional generated by the new development. These new revenues are generated by increased public and private investment in identified, underperforming, areas.
When a TIF redevelopment project area (often called a TIF district) is created, the value of the property in the area is established as the “base” amount. The property taxes paid on this base amount continue to go to the various taxing bodies as they always had. It is the growth of the value of the property over the base that generates the tax increment. This increment is collected for use by the municipality to make additional investments in the TIF project area. This reinvestment generates additional growth in property value, which results in even more revenue growth for reinvestment.
TIF Quick
Links:
Proposed Improvements
The following is a list of proposed improvements and other projects the Village expects to implement in the District.
available district land.
- Final Project Plan (March 23, 2010)
- Draft Project Plan (March 9, 2010)
- Draft Project Plan (January 27, 2010)
- State of Wisconsin Department of Revenue Tax Incremental Finance (TIF) Manual
Proposed Improvements
The following is a list of proposed improvements and other projects the Village expects to implement in the District.
- Relocation and extension of the Southridge Mall Property Ring Road.
- Partial reconstruction and reconfiguration of West Grange Avenue and Northway intersection.
- Other Road Improvements.
- Utility Improvements.
- Project costs may be incurred within ½ mile radius of TIF boundary
available district land.