Jackson Village Board Approves TID Expansion to Aid Condominium Development | Washington Co. Business News

JACKSON – The Village is moving forward to expand an additional Tax Funding District in Jackson, to aid in the development of a condo development.

The village council on Tuesday gave the go-ahead to village financial advisers to adjust the village’s TID 7, as well as an agreement with the developer to build condos on the land added to the district.

“Ehlers Public Finance Advisors’ TID modification services have been approved, and the Pre-Development Reimbursement Agreement between the Village and DFN properties LLC has been approved by the Village Council,” the administrator said Wednesday. of the village, Jen Keller.

A TID is a district where properties are largely removed from the normal tax rolls in which different taxing authorities, such as city, county, school district, and technical college, all receive taxpayer money. While the base value of a TID’s properties – what they were worth when the TID was created – continue to pay taxes to all relevant jurisdictions, tax revenue generated by new development or improvement during the lifetime of the TID all return to the district.

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The TID system is often used to fund infrastructure or development incentives, which enable improvements and new projects that might not otherwise occur.

According to information from village documents, Jackson is considering adding land to the existing TID 7, to accommodate a condo project. The process to do this, which is now moving forward, will take a few months.

“The services offered by Ehlers Finance Advisors relate to a boundary change to accommodate a DFN Properties request to amend TID 7 so that the property can remain partially used for commercial purposes and the northern part of the lot developed for construction of four two-unit dwellings. condominiums,” according to a memo from Keller to the village council.

Full details on the development of the condo are not yet available as the plan is in preliminary stages pending modification of the TID to allow it.

Village information said the village has invested approximately $1.8 million in infrastructure for TID 7 so far, including utilities and roadway. The TID has yet to produce any new development or increase value, but the condo project and another planned residential project to create workforce housing would each generate an increase to pay down debt. infrastructure.

The reimbursement agreement that the council approved with the condominium developer stipulated that the developer would reimburse the village for the costs of modifying the TID.

Maple Fields Subdivision

The Village Council also gave final approval on Tuesday to the developer’s agreement for the first phase of the Maple Fields single-family subdivision, which is slated for construction later.

The preliminary plan for the whole development was approved by the Planning Commission and the Village Council in December. The plate shows 100 lots in total for approximately 76 acres, on the west side of Maple Road, south of Sherman Road and Western Avenue.

The first phase, which will now continue, is expected to include 35 homes in the northern half of the development.

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