Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Incremental Financing topic
No spam. Unsubscribe anytime.
Monroe council creates Tax Incremental District No. 12 to support mixed‑use development
Summary
The City of Monroe Common Council voted to create Tax Incremental District No. 12, approving a project plan that designates about 279 acres for mixed‑use development and lists roughly $14.9 million in eligible project costs; final approval will go to the Joint Review Board on March 10.
The City of Monroe Common Council voted to create Tax Incremental District (TID) No. 12 and approved the project plan and district boundaries. The council’s action advances a plan the city says will fund infrastructure and development incentives intended to spur mixed‑use redevelopment in a 279‑acre area.
Greg Johnson, a consultant from Ehlers who presented the plan, said, “So the total project plan identifies approximately, $14,915,000 of eligible project costs.” He told the council the district meets state requirements for a mixed‑use TIF — roughly 51% of the area meets mixed‑use criteria and newly platted residential development is estimated at about 17%, below the 35% statutory cap. Johnson said anticipated projects could add roughly $27.1 million in taxable value and generate about $9.9 million in tax revenue over the TID’s 20‑year life.
The project plan lists primarily public infrastructure improvements (streets and utility extensions along 31st Avenue, 32nd Avenue, 13th Street and other corridors), allowances for developer incentives, and ongoing TIF administration and auditing costs. Johnson described reimbursement terms for developers, including staged reimbursements tied to construction milestones and security provisions such as a developer letter of credit and special assessment lien to protect the city if incremental revenues fall short.
Council members asked detailed questions about cash‑flow assumptions, sewer reimbursements and interest income from using city utility funds for initial advances. Johnson summarized phase reimbursements and interest estimates for the modeled phases and reminded the council that approving the project plan does not obligate the city to fund specific projects — separate approvals or development agreements will be required for actual expenditures.
The resolution to create TID No. 12 passed on a council roll call. As Johnson noted, the plan commission has already acted and the final statutory step is review and approval by the Joint Review Board, which is scheduled to consider the district on March 10.
