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The Village decided to create the TIF in 1985 to catalyze
development that would not otherwise occur. To designate a TIF district, under
state law, evidence must be presented that the area could not develop without
help from TIF. This is often called a “but for” test – but for the incentive of
the Tax Increment Financing District, the development would not occur.
When the TIF district was created, the entire value of all properties within the
TIF was $7.5 million. With the new projects underway, property within the TIF
district is currently projected to be worth $42 million in 2008. Since 1985,
taxing districts have continued to receive the same revenues as when the
district was created; the incremental new revenues created by the new value from
development has helped to finance streetscape improvements like brick paved
sidewalks, trees, streetlights, and benches; and to renovate building facades
and remodel buildings. Plus, TIF funds have been used toward property
acquisition and new infrastructure to spur new development downtown.
Since the creation of the TIF district, several development projects have
occurred, as illustrated in the following timeline:
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