Germantown — The opinion of the Germantown School Board of proposed tax-incremental financing district No. 6 is favorable.
The board on April 28 discussed the pros and cons of the new 192-acre district, which is encompassed by Appleton Avenue and Maple and Lannon roads.
"I think it's a great idea," said board President Bob Soderberg. "We want people moving to our community and need to start marketing that because if we can get people to move in here that would be a win-win for everybody."
Marketing has not really been an issue, according to Village Administrator Dave Schornack, who said the sales in the Germantown Business Park could overflow into the proposed TIF No. 6.
"We haven't had to go out and seek anybody," Schornack said. "They have been coming to us." Two large corporation have joined discussions, Schornack said, though neither name is being released at this time.
The Village Board is set to review the proposed plan, which proposes $10 million in infrastructure improvements that could result in $38 million of private development, at its May 19 meeting.
TIF is a mechanism that allows municipalities to borrow money to fund infrastructure improvements for an area that would otherwise be difficult to develop or redevelop. The increased property tax revenue from the improved land is then diverted from the tax roll to pay off the loan.
THE NEXT STEP
WHAT: discussion and possible decision at the Germantown Village Board meeting
WHEN: 7 p.m. Monday, May 19
WHERE: Village Hall, W17701 Mequon Road
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