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Board OKs initial review of allocation amendment to shift TID 12 surplus toward shipyard project; staff outlines timing for TID terminations and housing fund
Summary
The board received an allocation amendment proposal to move up to $1.4 million in surplus increment from TID 12 to TID 22 to help match grants and cover higher construction and remediation costs for shipyard phase 2; staff also briefed the board on a planned 12-month affordable housing extension for TID 5.
City staff asked the Joint Review Board on July 14 to receive and place on file a proposed allocation amendment that would transfer up to $1.4 million in surplus tax increment from TID 12 to TID 22 (the shipyard) to help cover eligible expenses and increase the local match for a federally and state-funded shipyard phase 2 project.
Rebecca (city staff) explained the allocation is needed because bid results for the intended $10 million project exceeded initial estimates by several million. Staff said the National Park Service has offered an additional $1 million to increase the federal contribution to $12 million, but the city would need to provide a matching $1 million of local funds. In addition, demolition and environmental remediation costs for former industrial sites (former Badger Sheet Metal) were higher than anticipated; the city received a $1 million EPA grant but still requires additional local funds.
The requested allocation amendment would require multiple approvals in sequence: initial JRB review, RDA consideration, then City Council approval prior to final JRB action because TID 12 may terminate on a statutory schedule. Staff emphasized the timing constraints: the allocation must be approved prior to the TID termination expected in the coming weeks, and a short JRB meeting will likely be scheduled between July 22 and Aug. 17 to finalize the allocation.
Separately, staff provided an informational briefing on a proposed 12-month affordable housing extension for TID 5. The extension would shift approximately $2.1 million collected on the 2027 tax roll (to be transferred in Jan. 2028) into the citys TIF affordable housing fund; state law requires 75% of those funds be used for affordable housing and the remainder for housing stock improvements. The board did not vote on the extension at this meeting; staff said that item will go to RDA and council in coming weeks.
