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Greendale to receive estimated $700,000 from Village TID 2 closure; district weighing options
Summary
District finance staff told the board that closure of Village TID 2 is expected in early 2026 and that Greendale’s estimated share of residual tax increment is about $700,000; administration will present projection options in January.
District finance staff updated the board on the anticipated closure of Village Tax Increment District (TID) 2 and the financial implications for the Greendale School District.
Jonathan reported that TID 2 — which covered the former Boston Store property and parts of the mall spine — is expected to close in the first half of 2026 and that the village manager’s current estimate of the district’s share of residual tax increment is about $700,000. Jonathan described the amount as a one‑time payment likely to arrive before June 30 and said administrators are working with financial advisor Baird to model options for using the funds.
Administration noted two principal considerations: 1) how use of a one‑time payment interacts with the state aid formula and future state aid calculations, and 2) possible capital projects on district property that could be accelerated if the district had a one‑time source of funds. Jonathan said the district has a list of capital projects and will refine five‑year projections and assumptions to present to the board in January.
Board members asked whether village road projects would be part of the calculation and whether village projects could be piggybacked to reduce district costs for repaving the Brinkman lots. Jonathan said village road projects are separate; the village will fund roads and the district would separately consider whether to include Brinkman lot work and how to fund it.
