By Dave Fidlin
Correspondent
With an eye toward continued economic growth in 2015, a Whitewater panel focused on business recruitment recently discussed where to allocate resources in the year ahead.
The city’s Community Development Authority (CDA) on Dec. 10 discussed Whitewater’s six active tax incremental financing (TIF) districts, and how to best prioritize each one.
TIF is a mechanism that allows municipalities to borrow money for infrastructure improvements. The increased property tax revenue from the improved land is then diverted from the tax rolls to pay off the loan.
Whitewater’s newest TIF districts — Nos. 8 and 9 — are in relatively undeveloped areas of the city along the municipal borders and are not expected to receive much funding assistance in the year ahead, barring a grandiose development proposal.
TIF No. 8 is on the city’s northern end along Highway U, near Jefferson County’s Welcome Travelers Park. TIF No. 9 is several miles east of Moraine View Park.
During their most recent discussion, CDA members agreed to throw most of their weight toward TIF Nos. 5 and 6, which encompass the city’s western edge along Highway 12 and an area just east of Trippe Lake, respectively.
Patrick Cannon, executive director of the Whitewater CDA, said TIFs 5 and 6 have the most potential for growth, based on traffic counts.
Late last year, the CDA discussed using TIF dollars to assist in such infrastructure upgrades as water line enhancements within TIF No. 6. The issue bubbled to the surface in light of a new outdoor storage facility that has been eyed for the area.
All told, Whitewater’s six TIF districts have amassed values of $1.81 million.
