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in terms
of tax increment financing as a as a financial tool for this project
I think it's the perfect vehicle uhm
excuse me. Tax increment financing
will not take away any tax dollars
from any other taxing entities. They will receive
the same level of funding
from the property that's currently located on the site.
Now, what will then happen is as the,
as the developers build
the mixed-use facility at a value
up about 26 27 million dollars,
the increments or the tax
increase that's generated as a result of that development
is captured by the tax increment district
and can be utilized for a variety of improvements
Um, at the point in time when the tax increment district is terminated
then all of the taxing entities
begin to experience the benefits
of that can increased valuation.
I would argue that tax increment financing is the most powerful
and most effective economic development tool
we have available to us in the state of Wisconsin, period.
It brings economic development
both on the redevelopment and the industrial development side,
down to a local level. This community has utilized tax increment financing
very effectively and I think that this project
is unquestionably the appropriate...
for this project it's unquestionably the appropriate vehicle
to make that initial $5 million dollar investment.
Because that means that five million dollar investment
does not come out a taxpayer's pocket we are not going to be asked for
a tax increase to cover that five million dollar investment
we're not going to be asked to you know give up
other services in order to cover that five million dollar investment.
That five million dollar investment in reality comes
as a result up that mixed-use project
and the value that twenty seven million dollars in value that that project
creates.