NEENAH, WI (WTAQ-WLUK) — Neenah celebrated the positive impact of two tax incremental financing districts Wednesday.
The city announced the closure of TIF districts 5 & 6.
The TIF process allows a municipality to pay for public improvements and other eligible costs within a designated area, called a tax incremental district (TID), using the future taxes collected on the TID’s increased property value to repay the cost of the improvements.
Officials say TIDs 5 and 6 helped create more than 3,000 jobs for the region while generating more than $44 million in new tax base for the community. Proceeds from the closures will also provide more than $800,000 towards workforce housing and housing stabilization efforts in the city.
Some of the most prominent developments within District 5 include the restoration of the former Equable Reserve Building, the redevelopment of Shattuck Park and the Neenah Riverwalk, and the development of the One, Two and Three Neenah Center towers, which sparked a revitalization of the downtown.
Meanwhile, the Plexus Manufacturing facility which is in the Southpark Industrial Center and is the largest single-built building to date in the city, was also supported with TID assistance within District 6.
“The closure of these districts is a cause for celebration. It signifies the success of our community-driven approach to development and highlights the collective achievements of residents, businesses, our partnering jurisdictions, and city officials. Neenah is poised for continued success, and we look forward to a great future,” said Neenah mayor Jane Lang.
As a result, the surplus revenue was given to partnering jurisdictions:
- Fox Valley Technical College received $48,729
- Winnebago County received $246,890
- Neenah Joint School District received $413,063
