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New law gives communities more time to repay TIDs
By: Joe Yovino//May 12, 2010//
Listen to this articleA bill that authorizes communities to extend the amount of time debt obligations of financially distressed tax incremental districts can be retired was signed into law Wednesday by Gov. Jim Doyle.
TID law allows taxes to be used for the development of blighted areas that may otherwise remain undeveloped.
The economic downturn has put financial stress on a number of communities with outstanding TIDs. The added time is meant to prevent default in a municipal debt payment, according to a news release.
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