Common Council Approves New TIF District

In 2023, the City was provided with an opportunity to create a new Tax Incremental Financing (TIF) District. Per Wisconsin Department of Revenue rules, new TIF districts cannot be created if the value of existing districts exceeds 12% of equalized value. Over past years, the total Platteville TIF District value exceeded the 12% threshold. However, based on the 2022 Department of Revenue TIF Value Limitation Report, the City of Platteville currently has $94,717,800 in TIF Districts out of a Total Municipal Equalized Value of $852,503,800 which equates to 11.11%, giving the City the potential to create an additional Tax Incremental District (TID).

Creating a new TIF District provides an avenue to promote economic growth through various development incentives. This is of value to the City because the existing Mixed-Use TIDs are past their expenditure periods meaning the City currently cannot offer potential developers any new incentives through TID increment in these TIDs. A new district allows for development incentives and spurs new commercial, industrial or housing growth that otherwise would likely not happen.

The City engaged with Delta 3 Engineering to develop a project plan for the creation of a new Tax Increment District No. 9, which was presented to and approved by the Common Council and Joint Review Board. In the plan, the new district overlays areas of TIF 5 and TIF 6, and consists of primarily vacant land.

To learn more, view the TIF Education Presentation from the 6-27-2023 Council Meeting given by Administration Director, Nicola Maurer.