**Editor’s note: We mistakenly identified the company expanding as Lehman Bakery when it’s really Leman, USA. We have made the correction and regret the error.
Sturtevant trustees and members of the village Community Development Authority will meet Tuesday during a joint meeting to discuss closing their tax incremental financing district (TIF) and the Lehman Bakery expansion.
The village’s TIF district was established in 1994 and includes the Renaissance Business Park. A TIF district is a special growth tool municipalities use to attract new businesses by using the property taxes generated by those companies to pay back loans used to provide necessary infrastructure like sewer and water lines and roads for traffic.
When a TIF closes that means all loans have been paid back and property owners throughout the community – both residential and commercial – should see lower tax bills from their municipality.
Sturtevant’s TIF is scheduled to close next year so residents could start seeing lower bills as early as 2017.
The board is also expected to talk about the possibility of creating new TIF districts after the current district closes.
During the same meeting, trustees and the CDA are expected to approve a developer’s agreement with representatives from Leman USA, an international freight company that also operates a warehouse in the Renaissance Business Park.
The company is interested in adding 38,000 square feet onto their existing building so they can hire 28 new employees.
The joint meeting begins at 6 p.m. Tuesday at Village Hall, 2801 89th Street. Call (262) 886-7200.