Ald. Bohl Proposes TIFs For Street Repairs
Larry Sandler reports on Alderman Jim Bohl’s novel approach to fixing our deteriorating streets: tax incremental financing.
To generate the needed money, Bohl wants to extend all or most of the tax districts by one year. A one-year extension for all 48 districts would produce $30.3 million in tax revenue, according to the city’s Legislative Reference Bureau. Any tax district money used for streets would free property tax dollars for street work in other parts of the city, bolstered by revenue from the new $20-a-car vehicle registration fee, Bohl said.
But the city can’t change the districts’ terms on its own. It needs approval from the area’s other four major taxing bodies – Milwaukee County, Milwaukee Public Schools, Milwaukee Area Technical College and the Milwaukee Metropolitan Sewerage District – all of which would have to wait another year for their share of the increased tax revenue.
I think this idea could work if the city incorporates pedestrian and bike friendly elements into as many of the repairs as possible. If we’re going to extend the length of TIDs and delay the property tax revenue windfall to the city and tax payers, why shouldn’t we try to maximize the property tax benefit?