Creation Of TIF District Is Next For Forest Mall Redevelopment
Part of the City of Fond du Lac’s redevelopment agreement with ATRCorinth, the owners of the Forest Mall property, includes the creation of a Tax Incremental Financing district to help facilitate the project. City Manager Joe Moore explains how the TIF district works.
“The property taxes that are generated as a result of building the new building over there, and all of the improvements, that improvement that drives that property tax increase, will be the funds used to support the development there as well as to pay for the city’s investment in jobs.”
In total, the city will be supporting $3.5 million for redevelopment of the property through Tax Incremental Financing, with $1.5 million coming to the city to help with improvements to Johnson Street in front of the mall property. The Fond du Lac City Council approved the development agreement at its meeting Wednesday night.