This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Wisconsin Redevelopment and Tax Increment Financing (TIF) Plan and Interlocal Agreement to Implement Plan are important tools used in the state of Wisconsin to boost economic development, stimulate urban revitalization, and foster growth in designated areas. These initiatives aim to attract private investment, create job opportunities, and improve the overall quality of life for residents. The Wisconsin Redevelopment and Tax Increment Financing Plan serves as a blueprint for a specific redevelopment project within a designated TIF district. It outlines the goals, objectives, and strategies for revitalizing a given area, while utilizing tax increment financing to fund the project. TIF allows municipalities to allocate a portion of the increased property tax revenue generated by the redevelopment project towards financing the necessary infrastructure improvements, such as road construction, utilities upgrades, or public amenities. The Interlocal Agreement to Implement Plan is a legal document that establishes the collaboration between various local government entities involved in the redevelopment project. This agreement outlines the responsibilities, obligations, and financial contributions of each participant, ensuring a coordinated approach towards the successful implementation of the plan. It typically involves cooperation between municipalities, county governments, school districts, and other relevant stakeholders. Different types of Wisconsin Redevelopment and Tax Increment Financing Plans may include: 1. Brownfield Redevelopment TIF Plan: This type of plan focuses on the redevelopment of contaminated or underutilized industrial or commercial sites (brownfield). It aims to clean up these areas, eliminate any environmental hazards, and attract new businesses or industries to revitalize the location. 2. Downtown Redevelopment TIF Plan: This plan concentrates on the revitalization of downtown areas that may be experiencing vacancy, deterioration, or a lack of economic activity. It aims to enhance the local business climate, attract new retail and commercial ventures, and promote mixed-use development to create vibrant urban cores. 3. Neighborhood Revitalization TIF Plan: This type of plan targets specific neighborhoods that are in need of revitalization efforts. It focuses on improving housing conditions, enhancing community facilities, and promoting economic development in the neighborhood to uplift the overall quality of life for residents. 4. Economic Development TIF Plan: This plan emphasizes attracting new businesses and industries to an area or stimulating the expansion of existing ones. It may offer incentives to companies, such as tax breaks or other financial assistance, to promote job creation, capital investment, and overall economic growth. In conclusion, the Wisconsin Redevelopment and Tax Increment Financing Plan, along with the Interlocal Agreement to Implement Plan, are flexible tools utilized by municipalities in the state to spur economic development, urban renewal, and growth. By harnessing the increased tax revenue generated by the redevelopment project, communities can make necessary infrastructure improvements and attract private investment, resulting in improved economic vitality and a better quality of life for residents.
