Writing of TIF#4. Lake Geneva’s TIF #4 was started in 1995 and has accrued over $32 million dollars. Since there is only 10 million left of all money collected, the city must have spent over $22 million on a multitude of projects of which only one reached the $1,050,000 mark that required and received resident approval. That project was the Edwards Blvd extension. So, has there been $22 million dollars’ worth of legitimate TIF projects? The $800,000 TIF repair of the Riviera and a similar TIF amount spent to purchase the new parking system might be questioned, because those should have and could have been funded with the lake front and parking meter funds, respectively. But by using TIF money for those two projects, it enabled the city to transfer millions of dollars to the city’s general fund for other spending.
Questionable uses and motives behind Lake Geneva’s TID#4 spending has led many members of the county to believe that Lake Geneva’s TID#4 must be closed so that a complete thorough accounting of millions can be made and superfluous TID #4 spending ended. Because there’s about 10 million dollars left in the TID #4 fund, the public eye is on now it. However, if the city spends that 10 million, then the public will lose interest and the true financial TID #4 dealings might be slid under the rug, as TID #4 quietly closes. Another detail of concern is the Edwards Blvd extension assessments which are owed to the TIF fund, but the payments are deferred, interest free for ten years (by a city resolution), so that they will only become due years after TIF #4 has closed. So, where does the Edwards Blvd Extension assessment money go when there is no TID #4?