The Greendale Village Board of Trustees unanimously voted last night to approve the creation of a third tax district for the $8.5 milllion dollar renovation of Boston Store in Southridge Mall.
Not everyone agreed with the move.
Joe Rush, who lives in New Berlin but represents a Greendale home, said if Greenfield could create development without tax incremental finance, or TIF, districts why can't Greendale.
But he didn't convince village officials, who voted to created the district to support the Boston Store renovation.
This morning the Joint Review Board, made up of representatives from the Greendale's separate taxing bodies, also unanimously voted to create the $2 million TIF district.
Background on TIF districts in Greendale:
along the South 76th Street Corridor, adjacent to Southridge Mall. The second $16 million TIF district was approved in December to help the $52 million renovation of Southridge Mall.
, which is expected to occur in the spring 2012.
Understanding a TIF district
According to the Village a 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.