Hales Corners - The Committee of the Whole voted Monday to refinance a faltering special tax district on the west side of Highway 100.
The district was established to give the developer of the Hales Corners Shopping Plaza a financial incentive to remodel in 2008. Tax-incremental financing allows debt taken on for a project to be repaid with the additional taxes generated by property after it has been improved.
The plaza projected a $3 million increase in value but due to low real estate prices, hasn't been able to repay the village.
The village has been losing money on the district and hopes to reduce debt payments by an annual $4,000 through refinancing at a lower interest rate. Although payments will be reduced, the village expects to continue to lose money on the district.
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