TIF District #9

TID 9

 

Type                                               Mixed Use

Created:                                         2006

Expenditure Period End:                2021

Termination Date:                           2037

 

Purpose:

The City of Ladysmith, Wisconsin (the “City”) created Tax Incremental District #9 (TID #9) in 2006 as a Mixed-Use District. This District encompasses much of the former Mount Senario College campus, the Wal-Mart development and areas around the State Highway 27 corridor from the Flambeau River north to just beyond the U.S. Highway 8 intersection. TID #9 was established to improve property within the District to promote commercial, industrial and residential development to provide a more diversified employment base and to promote orderly and stable growth of the community. One of the largest projects was the $568,000 spent to enable reconfiguration of access to the local hospital in conjunction with adjacent retail development.

 

TID #9 was first amended in 2009 to utilize the opportunity created when the State legislature

adopted Wisconsin Act 57, allowing cities to use tax increment revenues on project expenditures

within a one-half mile radius of the TIF District’s boundary

 

TID #9 was amended a second time in 2011 to become a donor district to TID #8, and to allow

additionally listed project expenditures that serve the District within a one-half mile radius of the

District’s boundary.

 

TID #9 was amended again in 2012 to add project expenditures planned for construction that

serve the District within a one-half mile radius of the District’s boundary.

 

TID #9 was amended in 2013 to allow additionally listed project expenditures within a one-half

mile radius of the District’s boundary, and to become a donor district for TID #5, a Severely

Distressed District. With this amendment TID #9 has provided positive tax increment to assist

both TID #5 and TID #8.

 

TID #9 was amended in 2014 to continue to allow positive tax increments to flow to TID

#8 as a donor district, and to allow additionally listed project expenditures.

 

TID 9 was last amended in  2020 for the purposes of removing property from the District to bring the City under the 12 percent equalized valuation limit considering all properties within TIF Districts in the City of Ladysmith.

 

This also provided the City and overlying taxing jurisdictions the benefit of the incremental value from these parcels into the general tax base beginning in 2020 for taxes payable 2021. This subtraction amendment did not result in a change to the year the District anticipates closing, 2026, nor the expenditure period which ended on 08/14/2021. This Project Plan Amendment did not modify the project kinds, number, costs, or location.

 

The most recent project plan amendment for TID 9 can be found below.