The Waupaca Common Council and the Joint Review Board have both approved project plan amendments for some of the city’s Tax Incremental Financing districts.
The common council and the Joint Review Board approved amendments to:
? TIF District Nos. 3, 5 and 8 to designate them as distressed TIF districts.
? TIF District Nos. 4 and 6 to authorize the allocation of tax increment that is generated in those two districts to the three districts that have been designated distressed.
These two votes allows the three distressed districts to receive excess tax increment from the two well-performing districts.
Previously, TIF District Nos. 3, 5 and 8 were designated as industrial TIF districts and could only be donor districts.
However, a recently adopted state law allows for the lives of those districts to be extended up to 10 years.
Because TIF District Nos. 4 and 6 are currently generating additional tax increment revenue above what is needed to pay its existing debt service and other project costs, it was recommended that those two districts provide that excess increment to the three distressed TIF districts.