Thursday, October 2, 2008

Council OK's Main Street TIF District 10 (Sun Prairie Star)

During its meeting on Tuesday, Sept. 30, the Sun Prairie City Council approved a resolution creating Tax Incremental Finance (TIF) District 10. The district is located generally along Main Street, from Jones Street on the east end to Ruby Lane on the west end.

Establishing a TIF district provides a method of financing the costs of needed public improvements within the district and offering incentives for private development within the district. In order to make areas within TIF District 10 suitable for redevelopment, the city will need to pay, in part or in full, for certain projects including the acquisition of rights-of-way, the acquisition of easements, sanitary sewer system improvements, stormwater management improvements, and utility infrastructure. Utilizing TIF incentives will help the city pay for those costs.

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