Beaver Dam Common Council Approves Plan To Maximize Revenue From Closing TIF

(Beaver Dam) The Beaver Dam Common Council last night approved plan that seeks to maximize revenue from a soon-to-be-closed TIF District. Tax Increment Finance District #4, which is valued at $69-million dollars, is eligible to close this year and return to the general tax rolls. If Beaver Dam officials simply closed the TIF, the city would have been able to spend an additional $272-thousand dollars on any general budget item next year. City officials instead Monday night unanimously approved a resolution extending the life of the TIF for one more year. The city will still get the $272-thousand 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. A committee is expected to be assembled to identify and recommend specific uses. Located on the northside of the city, TIF 4 includes both the Lakeside and Beaver Dam Business Parks, which include facilities like Northwoods Paper, Mayville Engineering Company and Animart, among others. An extension in 2011 incorporated another 200 acres to the north.