Tax Increment Financing
peculiar to a downtown area. These issues included traffic and pedestrian circulation and safety, parking congestion and location, wayfinding signage for both the Downtown and the Waterfront areas, elimination of blight due to inappropriate land uses, potential relocation of the boat launch ramp which was a major contributor for traffic congestion and potential redevelopment of underutilized sites. Amendment #2 specifically added the Edwards Boulevard extension as an eligible project cost for payment by TID #4 within the new ½ mile legislation that was passed prior to adoption of Amendment #2. The Edwards Boulevard extension specifically diverted
traffic that was funneled into the Downtown and fulfilled the goals of traffic minimization and pedestrian safety within the original project plan.The purpose of Amendment #3 is to redefine and clarify projects from the original project plan.
The original TID #4 project plan was prepared prior to specific planning, engineering and design for traffic congestion relief and pedestrian safety. Since 1995, significant planning, engineering and preliminary design has taken place to more fully identify projects and their
potential costs. In addition, the State has identified and is constructing other traffic congestion alleviation projects which has aided the City to clearly identify more specific projects that meet the goals and objectives of the original TID #4 project plan.
The City of Lake Geneva has a significant number of projects yet to complete within TID #4. The City Council and appropriate commissions and committees have determined that it is important for not only the City, but also the overlying taxing jurisdictions, that TID #4 projects
City Council Reconsideration 1 February 8, 2010 City of Lake Geneva TID #4 Amendment #3 be completed as quickly and efficiently as possible so as to retire the TID early so that all taxpayers will receive benefit from the early retirement.
This Amendment (#3) addresses the reprioritized projects, new estimated costs and timing of construction. As stated above, the intention is to complete the prioritized projects as quickly as possible and retire the TID. Table 1 Amended does show project expenditures through 2017. Those projects are generally phased projects. The City may choose to escrow funds for future projects with signed phased contracts and then close the TID. Flexibility is most desirable in order to complete the goals and objectives from the original TID in 1995. The escrowing of funds may accomplish that objective with early retirement bringing the taxable value of the new real estate on to the tax rolls earlier than originally anticipated.
TID #4 Amendment #3 is intended to finish the projects originally listed in the 1995 TID project plan and complete the projects in a timely fashion so that new real estate value can be turned back to the overlying taxing jurisdictions and all taxpayers within those jurisdictions can
benefit from this new real estate value.