Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Finance topic
No spam. Unsubscribe anytime.
Plan commission recommends TID 15 territory subtraction/addition to enable future redevelopment near Drexel
Summary
Commission recommended a boundary‑subtraction/addition amendment to TID 15 (north of Drexel Town Square) that would subtract two parcels and add other parcels (including city‑owned, tax‑exempt parcels) so the city can preserve the opportunity to incentivize redevelopment without increasing taxable base beyond the state 12% cap.
The Plan Commission recommended a territory‑subtraction and addition amendment for Tax Incremental District No. 15 to preserve the city’s ability to incentivize redevelopment on the north side of Drexel Avenue without exceeding the state statutory 12% base limit.
Staff explained that TID 15 is a small, blighted district created in 2018 with a long maximum life through 2046, current increment of about $7 million and a small fund balance. Because the city has exceeded the 12% base threshold (with earlier large districts), staff and the city's TIF consultant identified a permissible way to adjust district boundaries by removing parcels that lower the base and adding city‑owned tax‑exempt parcels (Little League fields and the water/sewer utility building) that have zero assessed value today. Christie said the intent is conceptual—keeping the utility building in the district could allow future private redevelopment incentives if the city later sells or repurposes that parcel.
The Plan Commission moved and approved the recommendation to the Common Council. Commissioners discussed timing, possible public investments (e.g., little league improvements) and constraints tied to the district’s small current increment.
