Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Local Finance topic
No spam. Unsubscribe anytime.
Board member reports Village TID closed early, surplus to flow to New Glarus School District
Summary
A New Glarus School Board representative reported the village closed TID No. 3 early and approved a surplus distribution (the meeting record cited $45,000); the board discussed how the TID’s $45M–$55M incremental value could expand the local tax base and benefit the school district’s share of future revenue.
Travis, the district’s representative to the Village tax-increment district (TID) committee, told the New Glarus School Board that the village moved to close TID No. 3 earlier than scheduled and approved a surplus distribution to taxing jurisdictions. “The TID itself ended up with a surplus. So, basically, it ended, we approved the amount of $45,000,” Travis said during the report.
Travis described how the surplus and the larger valuation matter to the district’s finances and to village taxpayers. He said the village would distribute the surplus among four taxing entities, and provided approximate percentage splits discussed by the village: the school district about 45%, the village about 32%, Green County about 20% and Madison College about 3%. The board was told final paperwork and fees remain to be completed before exact amounts are known.
Travis also summarized recent incremental-value growth inside the brewery TID, saying recent reports estimate the TID generated roughly $45 million to $55 million in incremental property value since its creation. He said that returning full property values to the tax rolls will increase equalized value in the village (Travis estimated a rough equalized value of about $270 million–$300 million), which “can help lower the overall mill rate tax rate for all residents in the long run.”
Board members asked for the meeting date and procedural details; Travis and staff said they would share final paperwork and a formal report when the village completes its state filings. The board took no formal vote on the TID item; the report was informational and the district awaits final numbers and distribution timing from village staff.
The board’s next meeting is scheduled for April 13 (agenda items due April 1); an organizational meeting is set for April 27 when any final TID distribution information that has been received could be discussed further.
