Overall Goals of the Use of Tax Increment Financing
The goals of the City of Sun Prairie’s use of TIF include:
The diversification of its economic base through the retention and expansion of existing businesses
The redevelopment of the areas that are blighted or in need of redevelopment
The attraction of new industrial uses and employment centers
The assistance to other projects of special community interest
The establishment of new employment opportunities for our residents
The expansion of our local tax base
It is not a goal of this policy to utilize TIF for the sole purpose of creating new retail opportunities. However TIF may be used for a project that includes a portion of new retail. Retail may be included or be the sole purpose for a redevelopment TIF area. In general the use of TIF for greenfield development will be limited to industrial or office developments or projects of special community interest.
These guidelines are intended to provide general direction on the creation of TIF districts and the use of TIF funds. The City recognizes that each development area and project is unique and should be considered on a case by case basis. The City Council may choose to deviate from these guidelines if appropriate for projects of special economic or community interest.