TIF District No. 2 serves its purpose

Error message

  • Notice: Undefined index: taxonomy_term in similarterms_taxonomy_node_get_terms() (line 518 of /home/octimesherald/www/www/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined offset: 0 in similarterms_list() (line 221 of /home/octimesherald/www/www/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined offset: 1 in similarterms_list() (line 222 of /home/octimesherald/www/www/sites/all/modules/similarterms/similarterms.module).
Oconto Falls taxing district funded infrastructure support
By: 

Warren Bluhm, wbluhm@newmedia-wi.com

The city of Oconto Falls has successfully closed its Tax Incremental Financing District No. 2.

The district was formed in 2002 to fund infrastructure improvements in a large area of the Oconto Falls Industrial Park to the west of Chestnut Avenue and the Pleasantview residential development to the east.

Under Wisconsin law, a TIF district can be formed for projects that promote economic development in the community. All taxing districts continue to receive property tax payments from the affected area at a base level, but the city keeps any increase in property taxes that the development generates to pay for its share of the improvements.

After the district has served its purpose, the other taxing entities, such as the Oconto Falls School District and Oconto County, receive their share of the higher tax revenue.

The City Council passed a resolution Jan. 8 terminating TIF District No. 2 and declaring that all project costs will be paid once the 2018 tax roll is collected this year.

The city treasurer is authorized to distribute any excess collected among the affected taxing districts. That amounts to about $150,000, Deputy Treasurer Eve Wallace said Monday.