(Beaver Dam) Officials in Beaver Dam are seeking to establish a Tax Increment Finance District on the northside of the city. A TIF finances redevelopment, infrastructure, and other municipal-improvement projects by diverting future revenues from taxing jurisdictions. If approved, TIF #8 would target 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 and portions of the existing TIF #4 would be incorporated into the new TIF #8.
The new district would be “mixed use” meaning it would be a combination of commercial, industrial and residential zoning, though no more than 35-percent of the district could be residential. City Finance Director John Somers says the driving force of the TIF would be to proactively keep the area around the mall from becoming blighted. In addition, Somers say several projects in the works may also benefit, including a multi-family residential development and a proposed hotel.
Part of the project plan would be to provide incentives to developers. TIF dollars could also be used to make infrastructure improvements within a mile-and-a-half of the district border, allowing – among other things – for roads to be rehabbed without relying on the tax levy or borrowed funds. Andrew Bremer with MSA Professional Services says unlike establishing a TIF for a new business park, which has been the case as of recent in Beaver Dam, the proposed TIF would not see the need for major infrastructure improvement in the early stages. Bremer notes that this is a positive because early on in a project when a municipality racks up debt for infrastructure there is no guarantee of increment being generated.
The city’s Community Development Committee on Wednesday approved a $15-thousand-dollar professional services agreement with MSA Professional Services to develop the project plan. The agreement will be considered by the full common council on Monday.