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The value of TIF districts in Two Rivers is about 10% higher than
projected
TIF Districts 6,7
and 8 have assisted in the redevelopment of
formerly tax-exempt properties, which today have
a combined taxable value of $11
million—and growing
TIF is the most
significant economic development tool available to
local governments in Wisconsin. By establishing TIF districts, municipalities can capture the
net incremental property tax revenues
resulting from new development or redevelopment
projects. That revenue can then be dedicated to
funding certain permitted activities that support
the development or redevelopment project, in
accordance with an approved TIF plan.
2008 TIF Report
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Industrial Development
Three of the seven existing TIF districts have
assisted industrial development.
TIF District No. 3,
established in 1992, assisted with the retention
and expansion of Metal Ware.
TIF District No. 5,
created in 1999, helped fund extension of
utilities and roads to Phase 2 of the
Woodland Industrial
Park, on the south side of highway 310.
TIF District No. 9,
created in 2003, is assisting with the financing
of land, utilities, and other eligible costs
associated with the new
Eggers Industries plant.
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Redevelopment
Four of the seven existing TIF districts have
assisted in the redevelopment of blighted or
obsolete properties.
TIF District No. 4,
created in 1994, assisted in developing the
Lakeshore Park Apartments at the site of the
former Harvey Concrete batch plant, next to
Lakeshore Park.
TIF District No. 6,
created in 2000, assisted MetroPlains Development
in the adaptive re-use of the former St. Luke's
School as 32 units of affordable senior housing.
Known today as Marquette
Manor, this $3.1 million project was an
outstanding historic preservation project, as
well.
TIF District No. 7,created
in 2001, is assisting Rice Health Care of Appleton
in its $5 million conversion of the former
Two Rivers Community
Hospital complex into senior assisted living
apartments.
TIF District No. 8,
created in 2002, paid for demolition and other
costs at the old Washington High School site,
assisting the developers in redeveloping that site
as the Washington
Highlands, where a new residential
neighborhood is taking shape.
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