New law qualifies Rib Mountain to create TIF districts - WAOW - Newsline 9, Wausau News, Weather, Sports

New law qualifies Rib Mountain to create TIF districts

RIB MOUNTAIN (WAOW) - On Friday, Governor Scott Walker signed a bill in Rib Mountain designed to give towns a new tool to promote development and create jobs.

Under the new law, towns with certain specifications will be able to create Tax Incremental Finance, or TIF, districts.

TIF districts use property taxes from new construction to finance economic development projects.

Towns that have more than 3,500 people, exceed more than $500 million in equalized value, and have sewer systems qualify under the new law.

"Will really open the door on more development, more jobs, a healthier economy and not just the towns that will take advantage of it, but my belief is firmly that as towns are able to advance that helps others in the region," said Walker.

Rib Mountain is one of about 30 towns across the state that can now create TIF districts.

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