I am a believer in tax incremental financing districts … if used properly. And the city’s decision in 2005 to move ahead with TIF #4 is an example of their value.
TIF #4, with a preliminary budget of $24 million, was formed to help Bucyrus in its renovation and expansion plans. It’s an investment that is now paying huge dividends, with Bucyrus’ announcement in December that it will acquire the mining division of Terex Corp. and bring up to 500 additional jobs to South Milwaukee in the next several years.
This would not have happened without the TIF district. Don’t believe me? Believe the words of Bucyrus President Tim Sullivan, who said as much in a story in The Business Journal on Friday.
Click here to see an excerpt from the piece. A subscription is required for the full version. From the story:
Major renovations made to Bucyrus International Inc.’s South Milwaukee manufacturing complex in recent years turned out to be critical to expected future job growth tied to the company’s latest acquisition, the largest in its history.
Bucyrus’ pending deal to purchase a division of Terex Corp. could add 400 to 500 employees at the surface and underground mining equipment manufacturer’s factory and corporate headquarters in South Milwaukee over the next three years, company president and chief executive officer Timothy Sullivan said.
“We have the capacity to move some work to South Milwaukee,” Sullivan said.
That capacity would not have existed without our TIF investment.
You can learn more about South Milwaukee’s TIF #4 on the South Milwaukee Community Development Authority site here.
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