Neillsville City Council Discusses TIF District
Saturday, August 29th, 2015 -- 11:27 AM
The Neillsville City Council heard the committee reports at their meeting on Tuesday.During a Planning Commission Meeting held on Wednesday, August 12th. The commission discussed TIF District #2. It was mentioned as a previous council meeting, that the district's revenue wasn't looking good in terms of covering the expenses. The district was created in 1999 and has a 23 year life putting the end life in August of 2022. Part of the reason behind the district not covering its expenses is due to the economic collapse experienced in 2008.
A representative from the West Central Wisconsin Regional Planning Commission suggested declaring the district as distressed. This would extended the life of the district by as much as 10 years, putting the ending life in 2032 and giving the city more time to cover their expenses.
In the past, when the revenue of the district has not met the expenses, they've had to pay the difference which was over $800,000 at times. The city believes that the revenue has hit bottom and will start to bounce back making the 10 year extension justifiable.
Feel free to contact us with questions and/or comments.