Teutopolis Village Board Finalizes Agreement w/Wooden Shoe Development Group

The Teutopolis Village Board has finalized a redevelopment agreement with Wooden Shoe Development Group, the organization behind the development of a commercial park on the west end of Teutopolis.

The Village has received permission to operate a Tax Increment Financing district along the north side of US 40, west of Dollar General. The agreement approved with Wooden Shoe Development Group specifies that the increase in taxes realized from the district will be utilized for development in the district. It also agrees that the Village first will recoup its costs for developing the district, and then Wooden Shoe Development Group will recover its costs. After that, any revenue will be utilized to further develop the district.