Earlier today, a public hearing on Senate Bill 560 planned for Thursday, January 9 was canceled by the chair of the Senate Government Operations Committee.
The legislation would significantly diminish the value of Tax Incremental Financing (TIF) in Wisconsin by capping developer incentives to 20% of the total project costs of a TIF district. The proposal, which WEDA strongly opposes, would essentially eliminate the ability of communities to use TIF for redevelopment projects that often require incentives to reimburse developers for demolition, environmental remediation and other costs associated with blighted sites. Without adequate developer incentives, many redevelopment projects are simply not economically feasible.
We’re uncertain at this time if a hearing on the bill will be held in the future. Thank you to the WEDA members who were willing to testify against the bill at the hearing and those who contacted their legislators on this critical economic development issue.