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The original item was published from 2/19/2021 8:53:45 AM to 2/26/2021 9:33:05 AM.

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Posted on: February 19, 2021

[ARCHIVED] Village Board Adopts TID Creation and TIF Assistance Policy

Village Hall

The Village Board adopted a TID Creation and TIF Assistance Policy on Monday. The policy passed by a 7-0 vote. The development of the policy took a strong collaborative effort from Village leaders, and it will serve as a guide to future TID and development projects for Village staff, the Community Development Authority (CDA) and the Village Board. The policy breaks down into five sections: (1) public assistance process, (2) requirements and evaluation criteria, (3) TIF goals, (4) policy statements, and (5) hiring and contracting for TIF funded projects. Click here to view the approved policy.
The policy originally went to the Village Board on January 25 for consideration, but it was sent back to the CDA to make adjustments to the policy. One of the major adjustments to the policy was to further define the disadvantaged class related to hiring and contracting requirements. The policy also added a statement that there must be other benefits to the project besides increasing the tax base to provide TIF assistance. There is a stronger emphasis on sustainability goals and green infrastructure now included in the policy. Another statement added clarified that development with only luxury and market rate housing is not eligible for TID creation or assistance. Lastly, language added confirms the developer will pay for all third-party costs associated with the review of the application, TID creation, and assistance.
The Village wants to personally thank members of the Village Board and the CDA for investing extraordinary amounts of time drafting this policy. The Village was able to listen to multiple opinions to formulate a strong and detailed policy that establishes impactful goals and clear guidance when the Village may receive an application for TID creation or TIF assistance. A special thanks to Conservation Committee members who met with the CDA Chair Peter Hammond and Village Manager Rebecca Ewald to include stronger language on sustainability and green infrastructure goals in the policy. It is so helpful to have engaged volunteer committee members who provide helpful feedback in policy areas that need attention and remain a high priority for the Village.
If you have any questions about the policy, please contact Village Manager Rebecca Ewald at 414.847.2701 or via email at rewald@villageofshorewood.org for more information.

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