Revitalizing Beloit: New TID Promises Economic Boost and Enhanced Community
12 May 2023
Beloit, Wisconsin, is on the cusp of an exciting new development initiative to promote economic and residential growth within the city. As part of the 2023 Strategic Plan, the City Council has prioritized creating a new Tax Incremental District (TID). Working closely with Ehlers Public Finance Advisors, the city staff has diligently crafted a Project Plan for proposed TID No. 15 in the Gateway area, aiming to transform the landscape and foster a thriving community.
Proposed TID No. 15 encompasses approximately 621 acres along Gateway Blvd, Colley Road and the newly extended Milwaukee Rd (State Highway 81). The boundary includes undeveloped parcels owned by the City and the Greater Beloit Economic Development Corp (GBEDC) and private properties, both developed and undeveloped. This diverse mix sets the stage for a versatile and vibrant district.
A Mixed-Use TID with specific area allocation
The proposed TID has specific areas allocated for commercial, industrial and residential development as a Mixed-Use TID. Industrial usage is intended to encompass 370 acres, while a newly platted residential development would cover 143 acres and 102 acres are allocated for commercial use. Less than 1% - 5.6 acres - is not suitable for development. The base value of TID No. 15 stands at $43.2 million, with the potential to reach an impressive $238 million over the 20-year lifespan of the TID, with the proposed Project Plan's public investments and development incentives.
The Project Plan outlines a comprehensive list of public infrastructure improvements and development incentives crucial for realizing the projected growth within the TID. The estimated investment needed for these endeavors amounts to $16.2 million. Key projects include the construction of two new streets, Venture Drive and Tubbs Drive, and the implementation of sidewalks, water mains, sewer mains, stoplights and bike paths. Furthermore, the proposal has various incentives to attract business growth, such as a Direct Developer Incentive for job creation, site preparation grants and private infrastructure grants.
The decision-making process involves the Joint Review Board, consisting of representatives from the City, Rock County, Blackhawk Technical College, Clinton Community School District and a resident. The board held its organizational meeting on April 5, 2023 and is scheduled to vote on the proposed TID on June 6, 2023. The Plan Commission held a public hearing and unanimously recommended the approval of the Project Plan and district boundaries on April 5, 2023, while the City Council’s approval came on May 1, 2023.
The New TID: In alignment with strategic goals of the city
By approving this initiative, the city will be in alignment with the goals outlined in its 2023 Strategic Plan. These goals include creating and sustaining safe and healthy neighborhoods, establishing a high-performing organization, fostering economic and residential growth, promoting a high quality of life, developing high-quality infrastructure and connectivity and enhancing communication and community engagement.
Creating a new Tax Incremental District in Beloit, Wisconsin, marks an exciting chapter for the city. With careful planning, public investments and development incentives, TID No. 15 has the potential to transform the Gateway area into a dynamic hub of economic activity and a vibrant community where residents and businesses can thrive.