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Germantown School Board debates Richfield request to expand tax-increment district; motion to recommend submitted, outcome not recorded
Summary
The Germantown School District Board of Education heard a presentation Monday on a Village of Richfield request to amend an existing tax incremental financing district to support a proposed project and removal of a road called Venture Circle.
The Germantown School District Board of Education heard a presentation Monday on a Village of Richfield request to amend an existing tax incremental financing district to support a proposed project and removal of a road called Venture Circle.
John Cameron, a senior municipal adviser with Ehlers representing the village, told the board the amendment would fund roughly $1,400,000 in additional project costs through pay-as-you-go financing and anticipates about $11,290,000 in new taxable value from the development. “The purpose of tax incremental financing is to, attract and retain economic development,” Cameron said during his presentation.
Why it matters: if approved by the joint review board, the amendment would place the…
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