Common Council Considers Possible funding for Development Located in TIF District #10 – Marshfield Mall
On Tuesday, the Common Council will adjourn to closed session to consider possible funding for the development located TIF District #10. TID #10 – Marshfield Mall (click to view map).
Tax Incremental Finance (TIF) is a financing option that allows a municipality (city, village or town) to fund infrastructure and other improvements, through property tax revenue of newly developed property. A municipality identifies an area, the tax incremental district (TID), as appropriate for a certain type of development. The municipality identifies projects to encourage and facilitate the desired development. Then as property values rise, the municipality uses the property tax paid on that development to pay for the projects. After the project costs are paid, the municipality closes the TID.
Tax Increment Finance District No. 10 is a rehabilitation and conservation district that has been created for the purpose of promoting the orderly development of the City of Marshfield. The specific purpose of TID No. 10 is to promote the rehabilitation of properties within the TID, redevelopment of the underutilized property, stimulate revitalization, enhance the value of the property, and broaden the property tax base. The location of TID No. 10 is the entire city block that the Marshfield Mall sits on and includes McDonald’s, United FCS, BMO Harris Bank, Pizza Hut, Quality Inn, Central City Plaza, and Central City Credit Union. The district was created on September 30, 2015. LEARN MORE
Common Council may adjourn to closed session under Wisconsin Statutes Chapter 19.85(1) Chapter 19.85(1)(e) “Deliberating or negotiating the purchase of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reason require a closed session.
On July 10th, the City of Marshfield Common Council heard from Ned Brickman, President of Midland Management (a company that owns malls in Wisconsin and several other states and is the new owner of Marshfield Mall) presented about a possible redevelopment of Marshfield Mall. LEARN MORE BELOW.
To see the complete agenda for the Common Council Meeting on July 24th, 2018, click here.
