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Suamico board approves early closure of Tax Incremental District No. 2
Summary
The Suamico Village Board unanimously approved Resolution 25003 on March 17, 2025, to terminate TID No. 2 one year early and begin audit and distribution steps for excess tax increment.
The Suamico Village Board voted unanimously on March 17 to approve Resolution 25003 to terminate Tax Incremental District (TID) No. 2 one year earlier than its original closing date.
Finance Director Demony told the board the resolution begins the formal termination process. If approved, staff will notify the Wisconsin Department of Revenue, schedule the final independent audit required for closing the district, and direct any excess tax increment to the taxing jurisdictions. Director Demony noted that distribution typically takes about a year and said a larger portion of excess funds will go to the local school district, with portions to the technical college and county.
A trustee moved and another seconded the resolution; the roll call vote was 5-0 in favor.
Next steps: staff will notify the Department of Revenue and initiate the independent final audit; distribution of any excess tax increment will follow audit completion and state procedures.
