Proposed Canterbury Heights Revitalization Project
| Project Documents
For more than two years, the Village of Greendale has been exploring ways to build on the strength of and encourage even greater energy and investment in our historic downtown. As part of that effort, the Village Board recently encouraged the Community Development Authority (CDA) to provide recommendations on ways to:
- Celebrate our National Historic Landmark (NHL) designation;
- Energize our downtown area; and
- Move forward with the Historic Downtown Greendale Ad Hoc Committee’s priority recommendations for how to improve the downtown area.
- Redirecting the middle school drop-off;
- Making aesthetic improvements to the parking lot area, including creating a family-friend park space;
- Renovating the exterior of the Hose Tower;
- Creating and enhancing linkages throughout the downtown area;
- Creating alternate residential options; and
- Incorporates the police/fire building.
Please join us on Tuesday, September 23rd at the Greendale Safety Center, 5911 W. Grange Avenue to learn more about this project and to share your feedback:
- Informational Open House: 6:00 – 8:00 pm
Also, join us on Tuesday, September 30th at the Greendale Safety Center, 5911 W. Grange Avenue to learn more about this project and to share your feedback:
- Informational Open House: 6:00 – 7:00 pm
- Public Hearing during meeting of the Greendale Community Development Authority: 7:00 pm
About Tax Incremental Financing
Tax Incremental Financing (TIF) is an economic development tool used by municipalities to leverage private investments in real estate developments. Through TIF, the City invests in a new project and repays the investment through the new tax revenue generated by the new development. The result is greater development for the city, increased tax base and, when the TIF is paid off, enhanced tax revenue for the general fund.
It is important to note that Greendale homeowners and businesses owners will not pay one additional penny in new taxes to support TIF developments. The initial investment is repaid through the new taxes generated by the incremental increase in property value. This new property value would not exist, but for the new investment in the property.
To further clarify, the base taxes paid by any property with the TIF district will be the same whether or not the TIF is implemented.
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 Redevelopment Costs
The additional property taxes that are collected from the increased valuation due to the redevelopment 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 redevelopment 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 taxes generated by the new development. These new revenues are generated by increased public and private investment in identified, under performing 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.
Possible Projects and Expenditures
The following is a list of possible projects and expenditures that may occur in the District.
- Redevelopment Costs
- Road Improvements.
- Utility Improvements.
- Financing Costs
- Property Acquisition Costs
- Relocation Costs
- Administrative Costs
- Project costs may be incurred within ½ mile radius of TIF boundary