Sturtevant might be a small village, but they have big development plans to help keep their community attractive to present and future residents.
Trustees and members of the Community Development Authority talked Tuesday about how Sturtevant can continue as premier place to live, work and play after their tax incremental financing (TIF) district – which includes the Renaissance Business Park – closes next year.
Officials are looking at the organization of at least two new TIF districts; one that extends south of the Renaissance and includes the new Ashley Capital development and UNFI down to the village border and another that starts roughly at the train tracks and moves east along Durand Avenue and north up Wisconsin Street.
TIF districts are special growth tools that municipalities use to attract and retain businesses – and help existing businesses with improvements and expansions. Communities borrow money to put in necessary infrastructure like sewer, water and roads and use the property taxes from the companies to pay back those loans. When the district closes, those property taxes are added to the tax rolls, which usually results in a lower mill rate for all property owners, including homeowners.
Village President Steve Jansen stressed that the conversation was just the very beginning, and it will take about a year to hammer out a solid plan and involve multiple parties.
“All this is conceptual at this point,” he said after the meeting. “We have to remember that (the current TIF) took eight months to put together.”
Jansen also said the village had the added benefit of a developer partner – MLG Commercial – for the current TIF district and said he’s hoping the same comes true for the future districts once word gets around that development opportunities are available.