Ellsworth Village Board approves making TID-distressed districtThe Ellsworth Village Board unanimously approved Monday officially designating Tax Incremental Financing District (TID) No. 7 in the Crossing Meadows development a distressed district.
By: Sean Scallon, Pierce County Herald
The Ellsworth Village Board unanimously approved Monday officially designating Tax Incremental Financing District (TID) No. 7 in the Crossing Meadows development a distressed district.
The village is taking advantage of a new state law which allows for local municipalities to declare TID districts to be designated as distressed. This allows for extensions with financing and allows monies from other village TID districts to be used to make up for shortfalls, which in Ellsworth’s situation has occurred in TID No. 7.
Board members found out several months ago from officials with Cedar Corporation, engineering firm from Menomonie, who crunched the numbers, projected costs from development within the specific district were exceeding expected revenues. These projected costs came to $3,023,491.
TID No. 7 was created in October of 2008 for the Crossing Meadow development, but the severe recession meant a lack of construction and development within the district to create the revenues within the TID. During July’s meeting, the board approved a resolution supporting this move as soon as the state gave them the opportunity to do so with a new law. Other communities around the state are pursuing similar courses of action. A public hearing was held on the matter before the village board took action. TID No. 9 will be a donor district to TID No. 7.
In another matter regarding the development, the board unanimously approved a motion after closed session to begin the legal process of reclaiming land within the development under village ownership.
The board approved bids to begin work to fix up the currently vacant Langer lot on Main Street for the Bonnie Langer Memorial Park. The village received an agreement from Jan Most, who owns land next to the vacant lot, to allow an easement over her land which will allow Xcel Energy to establish electricity at the park to power a planned waterfall there plus lighting. The board approved bids of $8,108 by Plummer Concrete for landscaping of the park and a low bid of $791 by Freier’s Electric and Heating for electrical work.
For more please read the Oct. 5 print version of the Herald.