Sturtevant taxpayers can expect good news in the next couple of years when the village’s tax incremental financing district closes.
Trustees approved Wednesday paying off a series of bonds from 2007, which moves the village another step toward closing their TIF district and moving commercial and industrial properties there to the regular property tax rolls. The bonds have an aggregate principal remaining of $890,000.
Comprised mostly of the Renaissance Business Park, Sturtevant’s TIF is widely considered one of the most successful districts in the state and is home to several big-name businesses. Bombardier, Andis, the Cree expansion, Kerry Seasonings, Dental Associates, Grand Appliance & TV, and the soon-to-open United Natural Foods, Inc. are all located within the TIF.
Municipalities use TIF districts to help promote commercial and industrial growth. While the TIF is open, property taxes generated by the businesses that locate there are used to pay off the loans taken for necessary infrastructure like sewer, water and roads. Once those loans are paid, the TIF closes and those property taxes join other village properties on the tax rolls.
The end result for Sturtevant taxpayers should be a reduction in their property taxes. Village President Steven Jansen said the savings will be significant.
“Residents can expect a big time reduction, maybe 20 percent or more,” he said.
Sturtevant’s TIF district could close in 2016, five years ahead of schedule.