The Lake County Commission has approved a resolution that approves a plan for a new Tax Increment District. The resolution approves Tax Incremental District Plan Number Six, for the county’s TID within the City of Madison. Commissioners met with Toby Morris of Colliers Securities LLC via Zoom and Commission Administrative Officer Shelli Gust during their meeting on Tuesday to discuss the TID and project plan.
According to the plan for the county’s TID-Number Six, the primary objective of this one is to supplement the reconstruction of the 234th Street bypass. Revenues from the project will be dedicated to pay for the improvements to the bypass. The plan states that the driving interest of this TIF is the expansion of the Manitou industrial manufacturing complex, which is located south of 7th Street Southwest and east of Highland Avenue in Madison. The Manitou expansion will be the increment value that will be used to offset the costs of the bypass.
A tax increment is the difference between the amount of property valuation present within the TIF district before its designation and the amount of property valuation increase due to the creation of the district.
The Madison City Commission in November approved a resolution allowing for the county to create the TIF district within the City of Madison.
January 5, 2023