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Finance committee approves closure of Tax Incremental District 7; city to absorb $250,000 shortfall
Summary
The West Bend Finance Committee voted to approve Resolution No. 31 to terminate Tax Incremental District (TID) 7, returning full property values to taxing jurisdictions while leaving a roughly $250,000 reconciliation that the general fund will absorb.
The City of West Bend Finance Committee on Sept. 8 approved Resolution No. 31 formally terminating Tax Incremental District 7, which the presenter said was created in 1999 and has reached the end of its authorized term. The committee voted to transmit the required closeout paperwork to the Wisconsin Department of Revenue.
Why it matters: Ending the district returns the full, post‑development assessed value to all taxing jurisdictions (city, county, school district and others). The city will not be collecting the district…
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