MADISON – A piece of legislation that would give the Town of
Brookfield the same rights as cities and villages with creating
a tax incremental finance district moved forward Tuesday when
the Joint Finance Committee unanimously supported it.
A similar bill concerning the ability of the Town of Somers in
Kenosha County to create TIFs was also approved unanimously and
without discussion by the Joint Finance Committee.
Under state statutes, incorporated cities and villages can
create TIF districts, generally to address blight with the
mission of creating new manufacturing, office and retail
developments. TIFs give municipalities the ability to borrow
money, and taxes generated by new developments go toward paying
off the borrowed funds.
State statutes have prohibited towns from creating TIFs, though
Gov. Scott Walker in 2011 signed a bill allowing the Town of
Brookfield to create one for the Marcus Corporation’s Corners
project, which will be anchored by a Von Maur department store.
The original legislation concerning the development gave the TIF
a 16-year window; however, it could extend out to 27 years – the
length granted to cities and villages – if the Town of
Brookfield is given additional authority.