TIF Financial Statements
Overall Goals of the Use of Tax Increment Financing
The goals of the City of Sun Prairie’s use of TIF include:
- The diversification of its economic base through the retention and expansion of existing businesses
- The redevelopment of the areas that are blighted or in need of redevelopment
- The attraction of new industrial uses and employment centers
- The assistance to other projects of special community interest
- The establishment of new employment opportunities for our residents
- The expansion of our local tax base
It is not a goal of this policy to utilize TIF for the sole purpose of creating new retail opportunities. However TIF may be used for a project that includes a portion of new retail. Retail may be included or be the sole purpose for a redevelopment TIF area. In general the use of TIF for greenfield development will be limited to industrial or office developments or projects of special community interest.
These guidelines are intended to provide general direction on the creation of TIF districts and the use of TIF funds. The City recognizes that each development area and project is unique and should be considered on a case by case basis. The City Council may choose to deviate from these guidelines if appropriate for projects of special economic or community interest.
Tax Increment District Annual Reports
State law requires municipalities with an active Tax Incremental District (TID) to electronically file an Annual Report for each TID by July 1 of each calendar year. These are summaries of that filing to be used at the annually required meeting of the standing Joint Review Board.
The 2018 Annual Joint Review Board Meeting was held Tuesday, June 12 at 5:30PM in the Caucus Room of City Hall. Below please see each TID's Annual Report along with the agenda for the JRB Meeting and Resolution.