Joint Review Board approves TID No. 1 annual report showing modest revenue and balance

The Joint Review Board for Tax Incremental District No. 1 in the Village of Waukesha reviewed and approved the district's annual report during its July 29, 2024 meeting, staff reported. Kristy K., who presented the TID No. 1 annual report, said the district received just under $55,000 in incremental revenue for the year and incurred about $360 in expenses, primarily administrative. She reported a year-end balance of just under $160,000 and said no development incentives were paid out during the year. During questions from board members, staff explained that valuations used for taxing purposes are locked as of Jan. 1 of the assessment year for the other taxing entities; increases in value after that date generate the incremental tax revenue that flows to the TID. Kristy K. said the district's base value at creation on Jan. 1, 2020, was just under $1.2 billion and that the district's total assessed value had increased to about $1.6 billion, with adjustments and corrections noted for the most recent year that caused a modest decline in value relative to the prior year. Board members asked whether parcel values within the district could be reassessed; staff said properties can be reassessed and that appreciation is the source of incremental revenue. The board then moved to approve the annual report as presented; the motion was seconded and carried. No development incentive disbursements were reported for the year. The board approved routine meeting minutes and adjourned after the annual report and other procedural items were completed. The transcript records limited debate on alternative uses or project approvals tied to the TID; the annual report served as an accounting of revenue, expenses and assessed-value changes for the period under review.