A program being explored by the Sturtevant Board of Trustees would make village funds available to distressed for property improvements.
Village President Steve Jansen floated the idea to the committee Tuesday calling it: “Something that some of us have kicked around in the past.”
Though nothing is official yet, trustees have just begun the planning stages. The project is currently being called the Community Redevelopment Program. Jansen and other members of the board see the project as an opportunity to give back.
“I just look at it as a way to help improve some of the neighborhoods, even if it’s one or two houses on a block,” he said. “It just helps bring up everybody.”
The program would provide funds for residential repairs such as a paint job or fixing a roof, and the village would recoup the money through property taxes over a fixed period of time. Jansen proposed using $250,000 from the closing of tax incremental financing (TIF) district 3. He would also open the program up to everyone in the village and recoup the money over a period of five to 10 years.
A TIF district is a development tool municipalities can use to attract business. The way it works is that a financing district is created and a base value of that district is established by the taxing jurisdictions. The increased value of the property is still charged at the base rate, but the district uses the increased tax revenue to pay for the infrastructure projects.
“I think most of us could identify most of the areas that could use some help, right off the top of our heads,” he said. “(It would) help elevate some of these neighborhoods and make them more attractive.”
Trustee Chris Wright voiced his support for the plan, and mentioned he’s wanted a project like this on the village for about a year. He didn’t think it was “outside the realm of possibility” that the program could be established by the end of the year, he said.
Wright also said he would like to see a similar project for commercial businesses on the HWY 11 commercial corridor.