Stevens Point City Hall. MWC file photo by Mike Leischner
STEVENS POINT, WI (WSAU) — The Stevens Point City Council has voted to create a new Tax Increment Finance District, which could include a significant future development.
Alders approved District 14 on a unanimous roll call vote during a special meeting on Thursday. The district will include land south of Old Highway 18 and north of County Road HH in the East Park Commerce Center.
TID 14 includes a special exemption from the state allowing the city to use 15% of the tax value generated from the area for special projects. That’s thanks to a bill sponsored by Stevens Point-area lawmakers including Katrina Shankland and Patrick Testin.
The bill was designed to entice a European snack food company to build a $50 million factory capable of processing up to 20,000 acres of potatoes yearly. It would be the company’s first North American location, creating up to 150 jobs.
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In short, Tax Increment Financing allows a municipality to use a percentage of the tax dollars generated by properties within a defined area for infrastructure projects in those boundaries. They are typically used for street, water, or rail projects.
State law caps the amount, or increment, of tax money that stays in the district at 12%. A 15% exception was also made for the Village of Oostburg back in 2017.
The company, later identified as Agristo, has been negotiating with the city for more than a year. It’s unclear when they will select the site for their North American facility.
During the meeting, Alders also approved the hiring of Jarod Kivela as Director of Community Development.
The meeting opened with a bit of a SNAFU thanks to confusion over state law regarding a quorum. The Council was one member short of the eight required but made up the difference by getting one of the absent members on the phone to participate in the meeting.
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