Bruce Peterson
Interim TIF Administrator
Email: TIF Administrator

Tax Increment Financing (TIF) is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects.

TIF Accomplishments

The top priority for establishing the TIF was improving the WWTP and removing the Village from sewer hookup restrictions. Without TIF funds the Village’s cost of the WWTP improvements would have been borne by users. Would and could the Village have undertaken the effort without the TIF?

The shuttered Post Office would be permanently closed today if it wasn’t for TIF monies funding the purchase and required renovation of the property. How many residents wanted the Post Office reopened?

The new Salt Building replaced one that didn’t meet State requirements.

The new Maintenance Building replaced a decrepit structure that required storing some equipment outdoors. The condition of the building and storage outdoors resulted in difficulties in maintaining and starting equipment in rainy, or snowy, or cold weather. Also, the outdoor storage probably shorten the useful life and usefulness of some equipment.

The purchase and demolition of the number one eyesore in the Village, the Old Academy, would never have been possible without TIF funds. The building was collapsing and given enough time the structure would have totally failed making it an even bigger eyesore. Would the property owner have had the funds to remove the building?

The Village Parking Lot which was sorely needed by local businesses would have been a non-starter without TIF funds.

 

The North Utilities Water and Sewer Extensions will allow expansion of the Village tax base. If not for TIF funds how and when would these extensions been undertaken?

The Main Street Sewer Lining project prevents infiltration of river water into the sewer system and subsequent treatment at the WWTP. Without TIF funds how many years would have had to pass if sewer funds were to fund the project?

The Village’s purchase of the 130 South Main Street property will open up the riverfront and may allow installing a children’s playground, something the residents have wanted for years.

 

The Sidewalk Replacement project along RT 84 will widen the sidewalk and make the intersections ADA compliant. Without TIF matching monies where would the funds have come from?

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