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Greendale moves to close two TIF districts, updates fee schedule and authorizes reimbursements
Summary
The Village Board approved resolutions to start closure of Tax Incremental Districts (TID) 1 and 2, updated the fee schedule (adding outdoor display and short-term rental fees), designated officials for tax-exempt reimbursement bonds and approved monthly accounts payable and ACH payments.
The Village Board approved several Finance Committee recommendations: resolutions to begin closure of Tax Incremental District (TID) No. 1 and TID No. 2; an amendment to the municipal fee schedule to add a $65 outdoor retail display permit and a $100 short-term rental permit; designation of officials to declare official intent under reimbursement bond regulations; and approval of the monthly accounts payable, ACH and P-card distributions.
Staff reported TID 1 (created in 2010 to support a 90-unit senior housing project, the Berkshire senior living community) generated roughly $12.3 million in new assessed value over a $600,000 base and is projected to have about $150,000 in excess increment to disburse to overlapping taxing jurisdictions after final audit. The board approved a resolution to initiate closure and final audit procedures.
TID 2, which supported the Marcus Theatre and other mall-area improvements, has a more complex history: it maintained assessed value but experienced a contested assessment that lowered the final assessed value. Staff projected about $2.4 million in excess increment to distribute after closeout. The board approved beginning the closeout process while allocating funds for remaining legal and master-planning tasks.
Finance Committee also recommended fee schedule changes including adding a $65 fee for the outdoor retail display permit and adding the prior $100 short-term-rental permit as a formal fee on the schedule; board approved. A housekeeping resolution was approved to designate officials authorized to declare official intent under reimbursement bond regulations so the village can reimburse itself from future borrowing for water utility and capital projects. Finally the board approved accounts payable checks #62748–62841 totaling $636,123.53, ACH payments of $920,651.14 and P-card purchases of $71,874.20 for a total monthly distribution of $1,628,648.87.
Multiple trustees commented that the TID closures were long-awaited and reflected successful development outcomes; staff emphasized the next step is final audit and distribution of any excess increment to county, school and other taxing jurisdictions per statutory shares.
