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Petersburg Press

TIF financing explained to Village Board

Chairs were filled at the June meeting of the Petersburg Village Board. Chairman Tony Thieman called the meeting to order and opened the public zoning meeting for the proposed housing addition to Petersburg. Petersburg Industrial Development member Hank Thieman said, “The land has been posted with the public hearing notice for 15 days and legal notices have been published in the newspaper. We are asking that the parcel of land which includes nine acres and presently listed as light industrial be reclassified as R-2.” The development is looking to purchase five of those nine acres. However, they would like the extra acres rezoned to square up the town and be available, if needed.

With no other discussion and allowing for one hour before a board decision, they moved onto the TIF (Tax Increment Financing) portion of the meeting with a presentation by Michael Bacon, an attorney from Gothenberg. He called attention to the NCIP awards on the wall saying, “Someone is doing a lot of good work here.”

Bacon explained that there’s some great things going on with TIF financing including a project in St. Edward. He added, “It’s unusual to get a lawyer free, but I’m here to tell you how you can capture tax money to use on other projects.”

Complete details in this week’s Petersburg Press Print Edition.