The Economic Development section of the Community Development Division assists in job creation by providing options for retail companies, manufacturing companies, and professional offices for businesses or individuals seeking high visibility, high value, convenient, and affordable locations. We strive to meet strategic objectives and to provide a pleasant and productive working environment within the Twin Cities metropolitan area while preserving the rural and natural character of the local environment.
Tax Incremental Finance (TIF)
Tax Increment Financing (TIF) is the principle economic tool, approved by the State of Wisconsin, that communities use to stimulate development/redevelopment. TIF funds originate from the tax money generated from an improvement or development greater than the tax generated by the site before the development. This tax increment money is then allocated to the City for its use in making infrastructure improvements in the Tax Increment District (TID) during the life of the District. At the end of the TID term, all of the taxes are again paid to the regular taxing bodies but at a much higher assessed valuation than would have been possible without the TID.
The City of River Falls has established 12 Tax Incremental Districts, of which eight districts are currently open. To date, Tax Incremental Districts have created over $52 million in new value that otherwise would not have occurred. In recent years TIF has leveraged such developments as the Whitetail Ridge and Sterling Ponds Corporate Parks, Family Fresh Development, redevelopment at 203 and 213 West Cascade Avenue, the Best Western Hotel, as well as Downtown and Neighborhood Revitalization projects.