Beaver Dam Closing TIF District #4

(Beaver Dam) The city of Beaver Dam is closing one of its Tax Increment Finance Districts. In April, the common council approved plan intended to maximize revenue from TIF #4, which was eligible to close this year and return to the general tax rolls. If Beaver Dam simply closed TIF #4the city would have been able to spend an additional $272-thousand dollars on any general budget item next year. City officials instead approved a resolution this spring extending the life of TIF #4 for one more year. The city will still get the $272-thosuand but will now have to wait until 2022. In the meantime, the move allows the city to capture all of the revenue from the TIF for one more year, around $1.8-million dollars. The catch: Beaver Dam has to spend that money on affordable housing efforts. That could include funding citywide home grants and loans for rehab or weatherization, increasing or improving the stock of affordable housing or fixing roads in low income areas of the city, among other things. The council this week voted to close TIF #4, which will not affect the affordable housing revenues. The move does free up $71-million dollars in available cap space, increasing the amount of value in the city that could be tied up in a TIF District. Located on the northside of the city, TIF #4 was valued at $69-million dollars and incorporateboth the Lakeside and Beaver Dam Business Parks, which includes facilities like Mayville Engineering Company and Animart, among others. An extension in 2011 incorporated another 200 acres to the west.