When Sturtevant’s tax incremental financing district closes next year, property owners throughout the village will feel the relief in 2017.
There will be a presentation Tuesday about the steps involved with closing the current TIF district and where the village could establish another one to keep Sturtevant on a forward development trajectory.
Primarily comprised of the Renaissance Business Park, the financing district (TIF) was established in 1994 to help spur economic development in Sturtevant. A TIF district is a tool that allows a municipality to borrow money for necessary infrastructure like sewer, water and roads and then use property taxes from district tenants to pay back those loans.
Once the loans are paid, the TIF closes and those same property taxes are added onto the tax rolls, increasing village revenues across the board and lowering rates for everyone.
The meeting begins at 6 p.m. Tuesday at Village Hall, 2801 89th Street. Call (262) 886-7200.