Governor Evers signs the Stevens Point TIF exemption bill. Image courtesy: Mayor Mike Wiza
MADISON, WI (WSAU) — Governor Tony Evers has signed a bill allowing one of Stevens Point’s Tax Increment Finance to exceed revenue limits for infrastructure projects.
The move will allow the city to use 15% of the taxable value located within the district to pay for infrastructure upgrades including a rail spur, street access, and water and sewer projects. All of those are needed to help Stevens Point close a deal with a European snack food company Agristo for a large potato processing plant.
“We reached out to Representative [Katrina] Shankland to help us find solutions to funding needed infrastructure in East Park Commerce Center without putting that burden on the already struggling taxpayers,” said Mayor Mike Wiza in a press release. “This law will allow tax increment from new developments to be used to fund railroad spurs, water access, sewer lines, and transportation access. It will also help us keep Stevens Point at the top of the list for industrial development, creating hundreds of new, good-paying jobs that will benefit the community for generations.”
RELATED: Public Hearing Held for Stevens Point TIF Exemption Bill
Wisconsin statutes cap the amount of tax money that can stay in a district at 12%. However, it isn’t unheard of for lawmakers to create a one-time exemption. Shankland modeled the bill after a similar measure crafted for the Village of Oostburg in 2017.
Several local businesses and schools supported the measure, which passed with bipartisan support during the last legislative session. State Senator Patrick Testin noted that Stevens Point is competing with a community in North Dakota for the facility, adding that the bill is one way to make sure they don’t lose out on the proposed $40-50 million processing plant that would create up to 150 jobs while processing up to 20,000 acres of Wisconsin potatoes.
The facility would be Agristo’s first in North America. According to their website, they create retail and restaurant potato products like fries, chips, wedges, and hash browns.
The special exemption would sunset with the scheduled closure of the district, which is set for no later than 2034. After that, 100% of the tax value generated by the parcels in the district would go to the city, county, school district, and technical college.
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