Oak Creek Wants To Develop These 2 Areas

OAK CREEK WI — City officials are interested in developing two run-down areas of Oak Creek, and are considering setting up TID districts to help spur development.

The two areas in question are several parcels of land on the northeast corner of S. 6th St. and W. Drexel Ave. - near Drexel Town Square - and also two parcels of land on the northwest corner of W. Rawson Ave. and S. 6th St.

A public hearing will be held at 6 p.m. on Feb. 13 at City Hall to discuss the city's plans for the two areas.

City officials say that proposed costs may include cash grants to owners or developers within the two areas.

So, what's a TIF/TID District?

A TIF/TID district is a development tool cities can use to attract business and spur development. The way it works is that a district is created and a base value of that district is established by the city. The increased value of the property is still charged at the base rate, but the district uses the increased tax revenue to pay for the infrastructure projects.

This means tax fund recipients still receive the same amount of tax revenue before the district was created, but the increased tax revenue pays for the infrastructure costs over a 20-year period.

Image Via Oak Creek Patch.com