Cities commonly utilize Tax Incremental Financing (TIF) to foster redevelopment throughout the community, in order to attract investment, grow the tax base, support new housing choices and create employment opportunities.
The City currently has 3 open TIF districts.
REDEVELOPMENT & TAX INCREMENTAL FINANCING
Redevelopment within the City of Cedarburg is guided by the Community Development Authority (CDA), under the oversight of the Common Council.The CDA's primary tasks include the removal of blight and environmental contamination that affect the redevelopment of the city. Working with the private development community, the CDA leverages local, state and federal programs that promote urban regeneration and build on existing value.
TAX INCREMENTAL FINANCING
Tax Increment Financing (TIF) has proven to be one of the City of Cedarburgs' most powerful and successful economic revitalization tools to spur private investment. In a TIF district, public investments are made to encourage growth and redevelopment. TIF finances the public investments by capturing, for a limited time, the increased tax revenue that results when increased private investment is generated. When the projects are paid off, the increment goes back into the general tax revenues.