On August 20th, the City of Sun Prairie City Council approved a project plan amendment that included a boundary expansion for Tax Increment Finance District #9 in Sun Prairie's Westside Neighborhood. On August 28th, the Joint Review Board also approved the amdended District. This mixed-use district was estblished in 2007 to help with land acquisition and infrastructure costs associated with the establishment of the St. Mary's Emergency Center. The City retains three lots for sale in the original TIF District, but has not been able to come to an agreement with any prospective buyers to date. The amended proejct plan allows the City to potentially participate in the attraction of significant users to the new area through direct incentives and to cover costs of additional new infrastructure. It also injects a new revenue stream into the District to allow for the payment of current debt owned on the improvements already done with the former District boundary. This is critical, as the District has been decreasing in value since its creation.
City Director of Economic Development Neil Stechschulte said "We are confident that this expansion of TID #9 positions the City to attract some special and unique businesses to our Westside Neighborhood Area. We look forward to working with the developer to get some major projects approved and in the ground as soon as we can."
The District still needs to be certified by the Wisconsin Department to Revenue. Additional questions can be sent to Neil Stechschulte at (608) 825-1107 or nstechschulte@cityofsunprairie.com.
Posts
No comments:
Post a Comment