The Village of Greendale has begun the review of a third TIF district that will help the renovation of Boston Store in Southridge Mall.
In the Village website it says, “We believe the renovation of Southridge’s Boston Store is one more step toward returning Southridge to the dominance it once enjoyed and Village leaders are committed to exploring ways that we can continue to support this business development.”
The first tax incremental financing (TIF) district was approved by the board for the construction project of a $17 million 90-unit senior housing complex along the South 76th Street Corridor, adjacent to Southridge Mall. The second TIF district was approved in December to help the $52 million renovation of Southridge Mall.
The Greendale planning commission will hold a public hearing on August 15 in regards to the newest proposed TIF district.
According to the project plan the following will be economic benefits gained from the third TIF disrict:
- Infrastructure improvement to the major anchor store of a regional mall
- Other road improvements
- Other utility improvements
- Estimated 50 new jobs to the area
A meeting of the Joint Review Board to discuss Tax Increment District Number Three will be held Monday, August 8 in the Village Hall Board Room at 9 a.m. A public hearing will be held before the Plan Commission on Monday, August 15 also in the Board Room of Village at 7 p.m.
Understanding a TIF district
According to the Village the TIF district will not have negative impact on resident’s 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. 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.”
TIF districts use future property taxes from the development to pay off loans needed to create the development. Property taxes from new developments are used solely to pay off the loan. Once the loan is covered, the development goes on the tax rolls and pays out to local schools, local government, county government, technical colleges and the state.