An existing tax incremental financing district is closing, and planning for a second one is underway in Bonduel.
Last month, the village board agreed to terminate Tax Incremental District (TID) 1 and allocate the 2025 increment for affordable housing. Also, trustees agreed to proceed with planning for a second TID.
“TID 1 was slated to close in 2024,” said Michelle Maroszek, village clerk-treasurer. “Some of the area in TID 1 will be part of TID 2, but the boundaries have yet to be set.”
The village will work with Ehlers, a municipal advisory firm serving Minnesota, Wisconsin, Colorado, Illinois and Kansas. Among Ehlers’ services are assistance with economic development and redevelopment, financial management planning, and debt issuance and management.
The village’s first TID covered much of the southern end of Bonduel to the KI and Kwik Trip area. It was created in 1996.
“It was distressed at one point,” Maroszek said. “That’s why, a few years back, we extended it four years, but that time is now up.”
Ehlers’ Brian Roemer presented the state of TID 1 and closure plan to the plan commission in January.
Peter Thillman, Shawano County Economic Progress Inc. chief economic development officer, has been working with the village on ways to obtain more housing.
The village has paid off all the original project costs of the TID, and the extension would allow the 2025 increment to be used for affordable housing.
In addition, Thillman and Roemer discussed the creation of the new TID, which is expected to be done this year.
kpasson@newmedia-wi.com
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