By Dave Fidlin
Correspondent
After deliberation by a number of different governing bodies, a plan to amend the scope of one of Whitewater’s tax-incremental financing (TIF) districts has been set in stone. The changes are designed to spur additional development on the city’s northeast side.
After receiving a strong recommendation from the Community Development Authority (CDA), the Common Council on Jan. 19 backed a plan to add new components to TIF No. 5, one of five active TIF districts across Whitewater.
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.
City officials in 2007 carved out a chunk of Whitewater’s northeast side for TIF No. 5 to help facilitate an assortment of mixed-use projects. To help meet a goal of realizing proceeds from TIF No. 5’s anticipated 2027 sunset, new provisions have been added into a plan document.
Patrick Cannon, executive director of the Whitewater CDA, came before the council at its Jan. 19 meeting and discussed some of the planned changes to TIF No. 5, including one detail that actually could take root a half-mile outside TIF No. 5’s boundaries (but benefit property owners within the district).
Plans call for using TIF proceeds in the fifth district to fund fiber cable infrastructure near the intersection of Elizabeth and Main streets.
Another notable component thrown into the pot is a $1 million economic incentive plan that will be aimed at incentivizing additional development within the district.
