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The proposed tax incremental financing district in Caledonia is a go, and village officials hope significant commercial development will soon come Caledonia’s way.
After being approved by the village board last week, a joint board of review also gave the TIF its stamp of approval Monday, according to a story in The Journal Times.
Representatives from the county, the school district, the Village Board and Gateway – along with a resident appointed by trustees – all voted for the creation of a 764-acre TID that is roughly bordered by Highway V to the west; I-94 to the east, Highway K to the north and the border between Caledonia and Mount Pleasant to the south.
The creation of the TID gives Caledonia the same development opportunities as their neighbors. Commercial growth in the village has lagged behind other communities like Mount Pleasant and Sturtevant because of the lack of sewer and water service, but the creation of the TID
A TID is a special growth tool communities can use to increase their tax bases by freezing property taxes at current rates. Any taxes generated by development over a specific amount of time – typically about 20 years – are used to pay back the monies borrowed to put in the necessary infrastructure like sewer, water and roads. Once the loans are paid in full, property taxes from the new business tenants turn to the municipal budget and other taxing bodies like Racine Unified, the county and Gateway.