Wausau Community & Economic Development

Saturday, February 25, 2017
TIF Development

TIF Development

Tax Increment Financing (TIF) Guidelines for City of Wausau

Introduction
 

Tax Incremental Financing (TIF) is a governmental finance tool used to provide funds to construct public infrastructure, promote development opportunities and expand the future tax base.  TIF assistance is only used when the proposed development would not occur "but for" City assistance.  The proposed development should be consistent with and reinforce all City plans and lead to 1) the creation of jobs through new business development, and the attraction, retention and expansion of existing business and/or 2) the consolidation and redevelopment of underutilized properties to eliminate blight and generate value growth.
 

Tax Incremental District 3
Wisconsin Riverfront
TID 3 Project Plan TID 3 Map
Tax Incremental District 6
17th Avenue and Stewart Avenue
TID 6 Project Plan TID 6 Map
Tax Incremental District 7
Corridor between Stewart Ave, HWY 29 and HWY 52
TID 7 Project Plan TID 7 Map
Tax Incremental District 8
Near West Side of Wisconsin River
TID 8 Project Plan TID 8 Map
Tax Incremental District 9
East Thomas Street
TID 9 Project Plan TID 9 Map
Tax Incremental District 10
South Wausau Business Campus
TID 10 Project Plan TID 10 Map
All TID Districts Map

 
Tax Increment District Reports - Click Here


Goals, Objectives and Strategies

  1. Economic Development
    • Create Jobs through Attraction, Retention, Expansion of Existing Business
    • Create Jobs through New Business Development
    • Add Value to Properties to Increase Tax Base

    • Strategies to Support Economic Development
      • Upon demonstrating that "but for" TIF a project could not otherwise be built; provide financial assistance to new and existing businesses whose projects create living wage jobs
      • Improve the public infrastructure
      • Support development of industrial sites and business parks to attract new industries and provide suitable locations for expansion and relocation of existing industries
  2. City Revitalization
    • Blight Removal
    • Urban In-fill
    • Historic Revitalization
    • Adaptive Re-use
    • Affordable Housing
    • Higher Standards of Building Design and Materials

    • Strategies to Support Revitalization
      • Improve the public infrastructure
      • Upon demonstrating the "but for," provide TIF assistance to private development projects that:
        • Provide a variety of housing choices, through renovation and rehabilitation of existing buildings and higher-density new construction in selected areas to increase the number and diversity of downtown residents
        • Stimulate the rehabilitation or removal of deteriorated or dilapidated buildings and the creation of mixed-use in-fill redevelopment
        • Provide the full range of basic neighborhood goods and services
        • When feasible, provide assistance to businesses that create a significant number of living wage jobs
        • Provide transportation linkages and other urban amenities
        • Advance housing objectives of the Wausau Comprehensive Plan

TIF Process
 

Developers who seek TIF assistance must meet with Community Development staff and other City staff as appropriate.  If staff determines funds may be available, a developer will be asked to submit a TIF Application.  A TIF application shall include the following:

  • Cover letter describing the nature of the business, proposed plans, and requested assistance
  • Project description, purpose of loan and expected benefits.  Include cost estimates for building improvements and other capital expenditures, as well as the ratio of total project cost versus the amount of equity invested by owner
  • Three-year cash flow projections
  • Profit and loss statement for the past three years (if applicable)

The City is not obligated to make a TIF assistance recommendation or conclude negotiations in the event that information has not been presented to its satisfaction or the proposed project lacks feasibility.

Figure 1. TIF Application Process

City Council approval is required for all TIF Applications that result in a Development Agreement.
 TIF Flowchart

The process for approving funds within a current TID (or within a 1/2 mile radius of an existing TID) may take up to 60 days for final approval.  Developers may request TIF funds outside of a Tax Incremental District, but the City of Wausau requires an additional 60 days to allow for an amendment to TID boundaries.

TIF & Economic Development Process Guidelines

TIF Application

Fillable .pdf TIF Application