(Beaver Dam) Beaver Dam Mayor Becky Glewen says the proposed TIF District around the mall would help increase the tax base while developing an important part of the city. If approved, TIF #8 would target 11-to-15 parcels on approximately 50 acres primarily around the Heritage Village Mall, bordered by North Spring Street, Industrial Drive, Highway 151 and Seippel Boulevard. The life expectancy is 20 years with a value as of 2017 of $6-million dollars and taxes of $148-thousand dollars generated.
The new district would be “mixed use” meaning it would be a combination of commercial, industrial and residential uses, though no more than 35-percent of the district could be residential. Glewen told us on WBEV’s Community Comment that the driving force of the TIF would be to proactively keep the area around the mall from becoming blighted. She says the smaller stores in the mall can break their contract if big anchor stores leave. While Boston Store was successful in Beaver Dam, Glewen says to have an anchor store leave is of concern and this TIF offers an opportunity to make the area around the mall viable, including the undeveloped backside of the mall. She says the community does not want to see the area fail. Glewen says it gives the city options and just because a TIF is created does not mean that funds will be used to incentivize.
Glewen says city officials will be cherry-picking projects that will help develop the area around the mall, offering tax incentives to developments that would enhance offerings at the mall – like box stores – while not offering the same incentives to developments that do not meet that goal, like low-income housing. While not disclosing the name, Glewen says a hotel is interested in developing in the proposed district. The Beaver Dam Common Council tonight will consider a $15-thousand-dollar contract with MSA Professional Services to develop the project plan.