NOW:53110:USA00949
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA00949
69°
H 69° L 55°
Partly Cloudy | 8MPH

City moves closer to creating housing authority

Jan. 21, 2009

The Cudahy Community Development Authority this month authorized a $10,000 contract with former Kenosha Mayor John Antaramian to creating a housing authority.

CDA Executive Director Bruce Schuknecht said tax-incremental finance funds would cover the first phase of implementing a housing authority program. Antaramian will help the CDA obtain funding and execute its plans, Schuknecht said.

It is unknown what the second phase of the contract would entail and what the price tag would be.

The Common Council authorized TIF funds to be used beyond the limits of the TIF district in a unanimous vote earlier this month.

Mayor Ryan McCue said using TIF funds outside the TIF boundaries would increase the value of such property, creating more tax revenue for the city without having to wait for the TIF district to expire.

“It’s a win for the city,” he said.

Last year, after a pilot program in Kenosha turned out to be a success, the state Assembly approved a bill that allows municipalities to cover expenditures for projects in an area within a half-mile radius outside the boundaries of a TIF district.

Antaramian said the ability to collect money generated from the TIF district in Kenosha and spending it elsewhere was significant in terms of enhancing older neighborhoods. The money supported a loan program for homeowners in such neighborhoods.

A TIF district allows municipalities to borrow money for improvements to a blighted or environmentally damaged site. When a TIF district is created, the money borrowed is repaid with increased property taxes generated through development.

Property taxes are frozen at their initial level, while taxes on the increased value, or increment, are used to repay the debt.

Chantel Balzell can be reached at (262) 446-6602.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.


Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.

Community Watch

» BMX, skateboarding competition canceled Saturday in Oak Creek 7/23

» Oak Creek baseball team rallies big 7/19

» Search of phone leads police to suspects in South Milwaukee gun thefts 7/17

» South Milwaukee registers sewage overflow into Lake Michigan tributary 7/15

» City delays decision on $1.2 million claim involving detective 7/14

» Tesla settles lemon lawsuit, agrees to pay Franklin man $127,000 Updated:  7/14

» Suzy's Cheesecakes facility wins final Oak Creek approval Updated:  7/9

» We Energies seeks to modify Oak Creek power plant 7/8

» 5 Wisconsin men caught with 100 walleye over limit in North Dakota 7/5

» Sustachek's no-hitter lifts Oak Creek baseball team to GMC title 7/3

» Patrick Cudahy statue to be rededicated for park's 100th anniversary 7/3

» Hales Corners CPA charged with federal tax fraud Updated:  7/2

» Falls pitcher Ty Weber strikes out 12 in 4-3 win over Oak Creek 6/24

» Bartolottas' Miss Beverly's Deluxe Barbeque is opening July 11 in Greendale 6/24

» Woman arrested after rubbing feces on wall of boyfriend's home 6/24

» Police called when large fight breaks out at bar 6/23

» Milwaukee suburbs Fourth of July 2014 celebrations 6/20

» Turchin's grand slam lifts Oak Creek baseball team past Franklin, 6-2 6/19

» Social media photos of the June 18 storms around Southeast Wisconsin 6/18

» Fire destroys trailer home in Franklin 6/14

» 2nd suspect sought in string of armed robberies, carjacking Updated:  6/12

» Joy Global expands into Oak Creek 6/12

» Woman arrested for drug trafficking after police find drugs in her hotel room 6/12

» 2 arrested when off-duty officer sees woman put on tourniquet 6/6

» Woman warned about making threats in fight about vacuuming 6/5

View All Posts Got a tip? Welcome rss
Deal Watch - Milwaukee

Milwaukee's Best Discounts & Deals

Local Business Directory

CONNECT    

Most Popular