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.
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- Hales Corners police report: April 16, 2015 issue
- Hales Corners Library hosts free drawing program for children
- Tornado watch in effect
- New book says it all about Hales Corners
- Hales Corners police report: April 9, 2015 issue
- Hales Corners police report: April 2, 2015 issue
- Hales Corners Library's used book sale begins April 17
- With video tour, photos: Whitnall nears $29.4 million facilities referendum (2)
- Wheelchair basketball team heading to Nationals
- Hales Corners police report: March 26, 2015 issue