TIF---TAX INCREMENT FINANCING:
**Created in 1975 by the Wisconsin State Legislature, this law's intention is to promote tax base expansion in cities
and villages. Under this law, the property taxes paid each year on the increase in equalized value of the tax increment
district may be used by the city/village to pay the costs of redevelopment projects for the district. All project expenditures
must be made within seven years, and the district cannot exist for more than 23 years.
**When a TIF district is created, the local taxing entities (city, county, school and tech school district) agree to
promote new tax base. All increases in property tax over the existing level are applied directly to redevelopment costs.
**This is a great tool for Green Bay to utilize. The taxes generated from multi million dollar projects that would have
gone to the county/schools/tech can be captured and used to finance the project. After the TIF expires all taxing
entities share in the expanded tax base.
**Examples of TIF funding: Tundra Lodge and surrounding area/Green Bay's two east side business
parks/the new parking ramp and much of the new riverfront development downtown including the boardwalk.