The Sister Bay Village Board agreed Aug. 21 to move forward with a proposal to form a Tax Increment Financing (TIF) District to offset costs for infrastructure and parks improvements over the next 15 years.
It has been projected that the TIF would raise about $10 million over the next 15 years to help offset the cost of infrastructure and parks improvements, including work on the waterfront and possible property purchases.
When a TIF district is established, the equalized value of taxable property in the district is established by the Wisconsin Department of Revenue, forming what is called the Tax Incremental Base. The municipality then invests in improvements in the district and property values go up. For the life of the TIF, all taxes collected on the increase in property values over the established base go to the TIF district to pay for selected projects.
The proposal now proceeds to the joint board of review comprised of Sister Bay Administrator Bob Kufrin, citizen representative Denise Bhirdo and a representative from each taxing entity in the district (Northeast Wisconsin Technical College, the Gibraltar School District, and the County of Door) Sept. 4.
For background on the TIF district and details on how it works visit http://www.ppulse.com.