MADISON, Wis. (WSAU) -- A proposed change in state law will give towns the same Tax Incremental Financing tools now available to cities and villages.
State Senator Jerry Petrowski authored the bill, which passed the Senate Tuesday. He says not every town will qualify for using TIF districts, because they must have a population of over 5,000 and over 500 million dollars in assessed valuation. The town also must have sewer and water available.
Petrowski says this will be good for business and creating jobs. “It is only going to apply to about 26 towns across the state. I know that there’s probably going to be another additional three because the valuation is going up on certain towns, but I think it’s something that will create jobs and create commerce.”
Recently, two towns in southeast Wisconsin were given this tool to allow two large mail order distribution businesses to locate along a freeway between Milwaukee and the Illinois border.
Petrowski says several businesses have been unable to get their preferred locations because towns couldn’t offer what cities and villages could. He says about 26 towns now have what they need to attract businesses and create jobs. “These towns are just in the right place at the right time, and I know that when I talked to Rick Stadelman, the head of the Towns Association, he told me there were a number of towns that were being contacted by businesses that are looking, when this bill passes, to indeed locate there.”
Petrowski says one area town that is likely to benefit from the change is Rib Mountain.
(The interview with Senator Jerry Petrowski can be heard at our website, here.)