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Finance director reports closure of TIF District No. 5; $748,000 returned to taxing jurisdictions, city share $303,507
Summary
Finance Director Jennifer Solinski told the council that Tax Incremental District No. 5 (Mill Creek Business Park), opened 1997, closed after audits; $748,000 remained and was distributed to taxing jurisdictions with the city's share of $303,507 transferred to the general fund.
Finance Director Jennifer Solinski reported to the Marshfield Common Council that Tax Incremental District (TID) No. 5, covering the Mill Creek Business Park, has been closed following the required audits and final accounting.
Solinski said TID 5 opened in 1997 and recorded approximately $18.4 million in revenue and $17.7 million in expenditures over its life, leaving a $748,000 surplus to be distributed to the taxing jurisdictions. The city’s portion of that distribution is $303,507, which has been transferred into the city general fund. Solinski also said staff recovered a $120,000 advance recorded in February 2004 that had not been repaid at the time; that amount will be returned to the originating fund.
She reported about $178,000 of outstanding TID debt has been transferred to the debt service fund for payment over the next three years. Solinski confirmed the city previously transferred roughly $430,000 into a newly created affordable-housing fund from TID proceeds and that money is available for housing initiatives.
Solinski described the external audit process (completed by the city’s auditor, CLA) and the requirement to file a closure report with the Wisconsin Department of Revenue. Council members asked clarifying questions and were informed the transfers described had been completed as of the end of 2024.
