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Plan Commission approves one-year increment-sharing for TID 7 to aid TID 12
Summary
Plan Commission approved forwarding TID 7 Project Plan Amendment No. 4, authorizing one year of surplus increment sharing (estimated about $1.75 million) to Tax Increment District No. 12 to help close out that district.
The Wausau Plan Commission voted to forward Project Plan Amendment No. 4 for Tax Increment District (TID) No. 7, authorizing one year of surplus increment sharing with TID No. 12 to aid that district’s financial position.
Mary Anne (finance staff) said the one-year sharing estimate is about $1,750,007.28 and that TID 12, created before the COVID-19 downturn to redevelop the mall site, lost value after the mall’s demolition and remains financially strained. She said the finance committee considered one- or two-year options and selected a one-year transfer to provide incremental support while preserving long-term flexibility.
Mary Anne explained that with the transfer, TID 12 would close the year with an estimated $700,000 surplus under current assumptions and that, absent the transfer, the district’s finances would look different. The commission adopted the amendment for forwarding to the Common Council.
