The Joint Review Board will review and consider approving the third TIF district in Greendale that will assist of its l location on Wednesday.
The panel, made up of representatives from the Greendale's separate taxing bodies, will review the $2 million TIF district to help the store finance its $8.5 million renovation.
The TIF would be constructed with a 15-year payback, said Village Manager Todd Michaels at previous meeting. He also noted that the village sold the bonds with a 3.7 percentage rate the second Southridge Mall TIF. That is one percent less than the village anticipated.
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.
, 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.