Tax Increment Financing District (TIF) - Green Bay Road Redevelopment Project
TIF Overview
The Village’s Comprehensive Plan of 2008 envisioned a Green Bay Road Corridor that was transformed into a vibrant and attractive mixed-use pedestrian-oriented district reflecting the Village’s overall character and quality, which provides opportunities for alternative housing options for Village residents, and maximizes the opportunities to diversify and strengthen the tax base by maximizing revenue opportunities.
In the 11 years since the adoption of the plan, the vision for the corridor has not come to fruition. Over the past year, the Village Board has been investigating options to revitalize the long-stagnant business district. The option currently under consideration is a redevelopment plan and project for the Green Bay Road and Park Drive business district area, funded from the proceeds of a tax increment financing (TIF) district. Since the vision articulated in the 2008 Comprehensive Plan has not come to fruition on its own, the Village Board is now seeking vehicles to spur growth in the business district. It is hoped that, by making some strategic investments in the district, a seed of growth may be planted which will help revitalize the Green Bay Road and Park Drive corridor. A strong business district can help relieve pressure on residential property taxes and diversify the Village’s tax base.
TIF District
TIF Fund Financial Activity
| Fiscal Year | Revenue | Expenditures | Fund Balance | State Filing | TIF Audit |
|---|---|---|---|---|---|
| FY19 | $0 (Created 7/15/2019) | $0* | $0 | FY19 Filing (PDF) | None Required |
| FY20 | $118,044 | $0 | $118,044 | FY20 Filing (PDF) | FY20 Audit (PDF) |
| FY21 | $137,438 | $0 | $255,482 | FY21 Filing (PDF) | FY21 Audit (PDF) |
| FY22 | $98,462 | $6,125 | $347,819 | FY22 Audit (PDF) |
TIF District EAV by Tax Year
| Year | EAV |
|---|---|
| 2019 (Base EAV) | $11,406,976 |
| 2020 | $12,844,746 |
| 2021 | $12,957,464 |
| 2022 | $12,477,641 |
Seeking Assistance from the TIF Fund
One of the purposes of the TIF Fund is to help spur financial investment in the business district that would have not have happened otherwise. Said differently, “but for” financial assistance from the Village, the project could not happen. As you can understand, the Village is very interested in ensuring that any funds received were both necessary for the project and contribute to the revitalization of the business district.
To help guide the application process, the Village Board adopted a TIF Fund Funding Policy (PDF). The policy document explains more about what funds may be used for, and how the Village considers the requests. Questions about the policy may be directed to the Village Manager (info@vok.org).
Joint Review Board
The Joint Review Board for the Green Bay Road Redevelopment Project Area (Green Bay Road TIF) consists of several representatives of local taxing bodies. The membership is dictated by the TIF Act. The Village serves a coordinating role for the meetings and ensures that the JRB meets annually as required.
The JRB meetings are open to the public and the agendas are posted in advance on the Village website and public notice bulletin board in Village Hall. To learn more, visit the Joint Review Board page.