Marshfield Approves Initial Plans for New Tax Incremental Funding District

Monday, October 11th, 2021 -- 6:00 AM

The City of Marshfield has approved the initial plans for a new Tax Incremental Funding District.

TIF Districts are usually used for commercial or industrial purposes. However, Marshfield would like to use their new District as a mixed TIF District. This would allow the City to use it for commercial, industrial, and even residential use.

City officials hope it will help elevate Marshfield’s housing shortage. They hope to use it for middle-class housing or starter homes, with units ranging from 200 to 250 thousand dollars. It would be for single families and two family duplexes.

Marshfield is planning for 60 homes, but the city still needs to create a plan and have it approved. They hope for final approval by the middle of next year. A TIF District is often used to incentivize economic development and essentially pay for itself, so taxpayers don’t have to.

Feel free to contact us with questions and/or comments.