The city, however, may be able to keep the TIF district open and still deliver an infusion of cash to the schools, Soglin said. Closing the TIF district would provide the schools with about
"We do have some ideas," the mayor said, declining to share details.
City Finance Director
The School District has not heard directly from city officials but is open to an alternative,
With TIF, the city and other taxing jurisdictions freeze the value of property in an area and use tax revenue from growth to invest in private development and public infrastructure. After debt is repaid, the district is closed, any surplus is spread among taxing entities, and the full, higher value of property is returned to the tax rolls.
The district in question, TID No. 25, was opened in an area on the southeast side of
Last week, the
Closing the district now would trigger distribution of a roughly
Given the increasingly restrictive limitations on K-12 school funding, the money would significantly advance the district's mission, the district's
By 2022, the surplus in TID No. 25 is projected to be
Soglin said last week that the city would look seriously at closing TID No. 25, especially if the schools would support opening a new district to replace it.
But it's become "very clear" closure would bring serious repercussions, including a threat to the Judge
Last week, a special city committee recommended the city negotiate details of the project that would feature a new hotel for
To open a new district, the city would have to show blight in an area that's seen a major economic boom, Schmiedicke said. Closing TID No. 25 might also mean losing about
"We'd be happy to talk to (Soglin) about it," Hughes said. "Our interest is in getting the accumulated school district property taxes that are sitting in the TID, so if there's an alternative way of getting us the money, then that's certainly something we would take a serious look at because we want to be cooperative."
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