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Board Agrees to TIF Structure for 50-Unit Pine Lodge Workforce Housing
Summary
The Minocqua Board agreed to Tax Increment Financing calculations for a 50-unit Pine Lodge workforce housing project proposed by Ritchie Management Group: 0% for years 1–2, 80% for years 3–7, and 70% for years 8–17, subject to final developer agreement language.
The Minocqua Board of Supervisors on June 21 voted to accept Tax Increment Financing (TIF) calculations proposed for a 50-unit Pine Lodge workforce housing development by Ritchie Management Group. The board agreed to a schedule of 0% for years 1–2, 80% for years 3–7 and 70% for years 8–17, subject to final language in the Developer’s Agreement.
Matt Ritchie, representing Ritchie Management Group, said the project already has WHEDA approval and is partnering with a nonprofit to build the units, noting that "the grants they are receiving are heavy on the back end so they don’t get a lot of the money until year 4 or 5," and that the proposed TIF option would allow time for two years of construction and five years of operation. Chairman Mark Hartzheim emphasized the local objective, saying the TID is intended "to incentivize residential housing development, so this is a win-win situation."
The motion to agree to the TIF calculations was made by Supervisor Brian Fricke and seconded by Supervisor Erika Petersen, and passed by voice vote. The board recorded that the agreement remains subject to final Developer’s Agreement language before any funds or tax increments are committed.
Why it matters: the TIF structure alters how incremental tax revenue from the property will be shared between the town and developer over the next decades; WHEDA approval and the described grant timing were cited as reasons for the particular schedule. Next steps include drafting and approving the final Developer’s Agreement between the town and Ritchie Management Group.
