SLINGER — If projections become reality, the creation of
a Tax Incremental Finance District approved by the
Village Board on Monday night could generate $62 million
in improvements during the next 20 years.
John Korman, of Ehlers, the company advising the village
on the creation of TIF District No. 4, said the project
should attract new residential, commercial and business
“That means additional tax revenue and jobs in the
village,” Korman said.
The district would cover 144 acres in an area northeast
of the intersection of Highways 41 and 60 and includes
property along Highway K. About 43 acres, or 29 percent,
are designated for residential development.
“The type of district being proposed is a mixed use
district,” said Village President Russ Brandt. “Based
upon the land area to be included, greater than 59
percent of the land area would be suitable for
commercial and industrial use. State law says we can
create residential development on, at most, only 30-35
percent of the land.”
A TIF district uses additional property taxes generated
within its borders through increased economic
development to pay for building infrastructure such as
sewer and water, storm water management, roads, access
to electricity and natural gas as well as other
improvements needed to spur development.
The proposal was discussed at several earlier Village
Board and Redevelopment Authority meetings.
“If the TIF sells property, do the profits made from
that sale need to be put back into the TIF district
fund?” asked Trustee Dean Otte.
Korman said it’s possible that might be the case, but he
said he’d have to do some research to provide a correct
According to Ehlers and Associates, about $8 million
will need to be spent by the village on TIF district
improvements to allow development. That would include
the installation of general utility infrastructure,
storm water management systems and roads. Development
incentives of $2.7 million are also included, along with
$50,000 for planning for development of a specific zone.
The improvement costs will be either assessed directly
back to the benefitting properties or paid directly by
Officials said the economic benefits of the TIF
district, as measured by increased employment, business
and personal income, and property value, are sufficient
to compensate for the cost of the improvements. The
village considered many factors, including the
approximately 184 residential units created by the
development expected within the district that would
provide housing opportunities for workers.