The city of Portage is looking to spur development of some vacant land near I-94. The city council approved a resolution last week to split a few parcels out of an existing allocation area into their own separate tax increment financing (TIF) district.
Council member Collin Czilli said that will make TIF money available for a project underway on Coca Cola Avenue. "It's vacant land now, and it won't be vacant land much longer," Czilli added.
With TIF districts, the increase in property tax revenue generated within the district is set aside for redevelopment in that district. The measure now goes back to the Portage Redevelopment Commission for final approval.
