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Joint Review Board reviews Main Street Market TID financials; staff report debt and expected increments
Summary
TID 6 (Main Street Market) generated $282,635 in tax increment in 2024; finance staff reported investment income, outstanding GO notes and MROs to the developer and said forecasted increments should cover debt service with no current plan to close the district early.
At the June 18 meeting the Joint Review Board received the annual report for Tax Increment District 6, Main Street Market, a mixed‑use district created Feb. 5, 2018. Chair summarized the district boundaries (104th Street, Green Bay Road and Old Green Bay Road) and described recent development including a medical office building and a Kwik Trip convenience store and gas station.
Finance Director Kathy Gessel reported the TID produced $282,635 in tax increment in 2024 and modest investment income (~$2,600). She said the TID carries general obligation notes (~$1.5 million) and an MRO to the developer (~$5.5 million) and that principal and interest payments of roughly $187,005.50 were made in 2024. "We used 281,000 of the 285,000," Gessel said, describing the net change in funds for the year. The board voted to receive and file the report by voice vote; no further action was taken.
