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Racine council rejects $500,000 TIF land purchase, citing risk, taxes and lack of a clear plan
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Racine council rejects $500,000 TIF land purchase, citing risk, taxes and lack of a clear plan
RACINE, WI — The Racine Common Council on Tuesday with a vote of 3 – 11 rejected a proposal to spend up to $500,000 in tax incremental financing (TIF) funds to purchase a lakefront parcel because of its low assessed value. Specifically, a majority of alders balked at the low assessed value at $71,000 of 90 Reichart Court near River’s End Marina and cited financial risk, tax impacts and the absence of a clear redevelopment plan. Had it been appro…
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