GBEDC In Motion - April 2023

GBEDC In Motion - April 2023 Main Photo

18 Apr 2023

News, Newsletter Archive

Beloit’s New Tax Increment District is all set to attract new businesses and create a vibrant economy

The City of Beloit is looking to boost job creation and retention in the Gateway area by creating a Tax Increment District, which is expected to fund future development projects in the area. The goal is to create mixed-use development opportunities for commercial, residential, and manufacturing options. The Gateway area has already seen significant success in the past, thanks to a previous TID that funded the creation of the Gateway Business Park. Beloit has been working to attract new businesses and create a more diverse economy, and the TID is seen as a critical step in that effort. The proposed TID was discussed at a Joint Review Board meeting on April 5, 2023. Following the meeting, a public hearing was held at the Plan Commission meeting at 7:00 p.m. the same day. The TID is pending approval from the City Council.

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