TIF to develop Lilly Road property
Plans to develop a 21.6 acre area were met with approval from the Menomonee Falls village board recently, following a village meeting to discuss the proposal.
The development project called for the establishment of a light industrial manufacturing plant, which will occupy the space of a former industrial complex on both the east and west sides of N5998 Lilly Road. This project is being funded using a tax-incremental financing plan (TIF).
TIFs are means of borrowing money to fund infrastructure in areas where such attempts are difficult or expensive. In the case of Menomonee Falls, the proposal will impact the zoning and property value of 107.5 acres in the surrounding area, making it more attractive to future businesses.
Originally, there were plans for the waste treatment firm ChemWorks to develop the area, which were met with resistance from residents. In contrast, the current TIF proposal has been greeted with near unanimous approval, with only a single dissenting vote objecting to the need for rezoning.
TIFs rely on the increased revenue from property taxes, which are gained from development of formerly undesirable land to pay them off. In return the community negates urban decay and opens up low value land to new businesses. Hiring a printing company who can explain this on a poster might help the TIF get approved by the town.
The development project called for the establishment of a light industrial manufacturing plant, which will occupy the space of a former industrial complex on both the east and west sides of N5998 Lilly Road. This project is being funded using a tax-incremental financing plan (TIF).
TIFs are means of borrowing money to fund infrastructure in areas where such attempts are difficult or expensive. In the case of Menomonee Falls, the proposal will impact the zoning and property value of 107.5 acres in the surrounding area, making it more attractive to future businesses.
Originally, there were plans for the waste treatment firm ChemWorks to develop the area, which were met with resistance from residents. In contrast, the current TIF proposal has been greeted with near unanimous approval, with only a single dissenting vote objecting to the need for rezoning.
TIFs rely on the increased revenue from property taxes, which are gained from development of formerly undesirable land to pay them off. In return the community negates urban decay and opens up low value land to new businesses. Hiring a printing company who can explain this on a poster might help the TIF get approved by the town.