Damakant Jayshi
The Wausau City Council on Tuesday gave its nod to keeping a tax increment district open for an additional year to fund ongoing affordable housing projects.
In addition to the ensuring that the $4 million in estimated tax for 2024 should be used only toward affordable housing, city alders also sought a guarantee that the life of TID 6 will not be extended for a longer period.
The approval was initially itemized under a consent agenda for approval, which means the proposal would have gone to a vote without discussion, but Alder Becky McElhaney said her constituents were concerned about the extension and whether it would remain active forever. McElhaney, who is also Common Council president, said the council need to be transparent in their decision-making.
Wausau TID 6, created in May 2005, was set to close a year earlier than its normal timeline of 2025 because it has paid for all of its expenses. TID 6 is considered a success by the city’s leaders.
The resolution allows Wausau to extend tax collection for a year and use the entire amount toward funding four housing projects: Riverview Lofts, a 56-unit housing project at the former West Side Battery site; a Thomas Street affordable infill housing project that seeks to create nine units; the 700 Grand Ave. project for 50 units; and a multi-family project on Sherman Street with six to eight units planned. Of these, the projects on Thomas and Sherman have been allocated ARPA funding.
A termination resolution will be adopted between April 15 and Dec. 18 next year. Finance Director Maryanne Groat said that while the 2024 tax has been estimated at $4 million, that amount could change if the evaluations change.
