Closing of TIF district may help downtown redevelopment

Village to use some funds from business park increment to support additional improvements in another district
Ozaukee Press Staff

The Village of Grafton is planning to close one of its tax-incremental financing districts and use some of the money it generated to support redevelopment in another TIF district.

Finance Director Paul Styduhar presented preliminary plans for the closing of TIF District 2, which encompasses the Grafton Business Park along Cheyenne Avenue and Badger Circle, to the Village Board Monday. 

A TIF district uses increased property values and property tax revenues within a defined area to pay for improvements that benefit that area, including infrastructure, parks, street improvements and developer incentives. 

Most districts last more than 25 years, and when they are closed, the increased valuation is returned to the general tax rolls. 

The village has four active TIF districts.

The business park TIF district was created in 1996. In 2009, the Joint Review Board agreed to allow the district to contribute funds to TIF District 3 in the downtown business district.     

All increment generated in 2020, an estimated $75,000, will be given to the downtown district. 

Styduhar said the value of the business park property is about $23.5 million. The full value will be placed on the village’s assessment roll in 2020 for the budget year of 2021. 

According to state statutes, the levy limit law allows the village to increase property taxes by half of a TIF district’s value, which would be a 1% increase to the village’s tax levy. 

Because the full value of the district will be on the tax rolls, Styduhar said he doesn’t expect it to increase the tax rate.

The Village Board took no action Monday but is expected to approve the plan at its next meeting on May 20.

“It’s always a nice situation when a TIF district comes back on the general tax roll,” Village President Jim Brunnquell said.

“It will give us more options for next year.” 



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