By Dave Fidlin
Correspondent
Hoping to strengthen some of its tax-incremental financing districts, Whitewater officials are moving forward with a plan to revamp three targeted areas of the community.
At the urging of the appointed Community Development Authority, the Whitewater Common Council on Sept. 15 voted to amend the scope of TIF Districts 5, 6 and 7. Each are located in different quadrants of the city.
TIF is a mechanism that allows municipalities to borrow money for infrastructure improvements. The increased property tax revenue from the improved land is then diverted from the tax rolls to pay off the loan.
Coming before the council last week, CDA Executive Director Patrick Cannon said the changes in TIFs 5, 6 and 7 include baking in a provision for so-called incentive funds.
The hope, Cannon said, is to lure in developers who fit in with each of the three TIF districts. The incentive funds, which require amending the specifications of each of the districts, will be used to help spur additional economic growth.
Whitewater has historically made good use of the federal and state provisions that allow municipalities to create TIF districts. Municipalities have used TIFs for a variety of reasons, including redeveloping blighted or underutilized areas and bringing projects to land that currently sits undeveloped.
The CDA in recent months has been going over Whitewater’s TIF districts — including Nos. 5, 6 and 7 — and has discussed how to maximize the value within each.
While the CDA usually acts independent of the Common Council, there are instances, including the adoption of the amended TIF agreements, where input from the elected body is needed.
Another group in the community, the Joint Review Board, will take a crack at the TIF amendments before a final version of the amended plans are presented back to the council later this year for further deliberation and definitive action.
