The Sturtevant Community Development Authority and Village Board Tuesday are expected to approve the boundaries for a new development district that officials hope will create a downtown-like destination for residents and visitors.
If approved, the new tax incremental financing district (TIF #4) will open just a few weeks after No. 3 closed and is now lowering taxes for all property owners in the village.
Preliminary discussions about what areas will be included the new TIF district included a corridor along Durand Avenue from Highway H moving east to the village boundary; south along Highway H; north on both Wisconsin Street and 90th Street; and potentially the swath of land that borders Farm & Fleet’s east property line to bring Willow Road north to connect with Highway 11.
Primarily comprised of the Renaissance Business Park, TIF #3 was established in 1994 and closed nearly six years early.
Now that the TIF has closed, Sturtevant will receive approximately $1.3 million in a lump payment, and village officials are hosting a TIF closure ceremony Sept. 27 where they will present “checks” of lump sum payments to various taxing bodies like Racine Unified, Gateway Technical College and Racine County. Exact amounts haven’t yet been determined and are pending the village’s annual audit.
TIF districts are specific growth tools available to municipalities that use the property taxes from commercial and industrial tenants inside the district to pay back the loans used for infrastructure like water and sewer lines and roads. Once those loans are paid in full, the district closes and the property taxes there are added to the general tax roll no different than other property owners.
The CDA meeting begins at 6 p.m. Tuesday followed by the Village Board meeting at Village Hall, 2801 89th Street. Call (262) 664-7800.