Repayment time period and interest rate varies. Based upon benefit and financial need. Must first exhaust other financing alternatives. TIF is an economic development project financing tool, created to help Wisconsin communities attract industrial and commercial growth in underdeveloped and blighted areas. A city or village can designate a specific area within its boundaries as a TIF district and develop a plan to improve its property values.
Taxes generated by the increased property values pay for land acquisition or needed public works.
The city also may provide incentives, such as a combination of land write-downs, interest write downs, direct grants and loans to businesses locating in the Ripon Industrial Park. Ripon Main Street Ripon Main Street, a downtown improvement incentive program, is available to business owners within state-designated Main Street communities. Ripon A New England college town atmosphere transcends the City of Ripon, home of Ripon College. The city owns the Ripon Industrial Park, home to nine businesses. The city is in the process of acquiring an additional 90 acres for industrial park expansion.