(Beaver Dam) The Beaver Dam Plan Commission Wednesday approved the establishment of a new Tax Increment Finance District around the Heritage Village Mall. City Planner Andrew Bremer with MSA Professional Services says the mixed-use TIF District #8 would include residential, commercial and industrial zoning encompassing 18 parcels on 86 acres with a base value of $6.2-million dollars and a life expectancy of up to 20 years. The TIF is expected to realize $18.2-million dollars in new value over 20 years. The tax revenues from any growth above the base value could be directed to expenses within the district; $7.1-million in tax increment is expected to be collected over the life of the district. After expenses, Bremer says the TIF is expected to close no later than 2038 with a positive cash flow of $2.5-million dollars.
Bremer says there are three driving forces for the creation of TIF District #8. That includes prevention of blight with the concern that the loss of the Boston Store could lead to a snowball effect of additional store closures. Also, the purpose of the TIF is to promote interest of development activity; talks, for example, are underway with a hotel and multifamily apartment developers. Finally, infrastructure could be addressed with TIF revenues. Bremer says underground utilities are in good shape but there funds could also be directed to badly needed road and parking lot improvements. Bremer says road projects include improvements to Seippel Boulevard and Mary Ann Road.
No one spoke during a public hearing for TIF District #8 at yesterday’s Plan Commission meeting. The Common Council will vote on the creation of the district at their August 20 meeting. The plan is to have the TIF in place by September.