Fitchburg considers TIF district

The Fitchburg City Council is ready to consider Mayor Aaron Richardson’s proposal to create a tax incremental financing (TIF) district — an agreement to freeze property values in the area and invest tax revenues from growth into development — according to a report from the Wisconsin State Journal. The TIF district would develop the area south of Haight Farm and Lacy roads to the east of South Syene Road. The development plan calls for including land for science, technology, and lab companies that could expand the city’s tax base. Fitchburg is planning $34 million in costs for infrastructure improvements in the district which could be paid directly by the city, reimbursed to developers with incentives, require developers to pay them in full, or a combination of the three. The proposed development is projected to create more than $182 million in new value, according to the district’s project plan.