by Kevin Zimmermann
SHEBOYGAN, WI (WHBL) – In a bid to attract retail, recreational and hospitality amenities, the Town of Sheboygan has created its first Tax Incremental District, or TID. The step represents only the 22nd township in Wisconsin’s history to establish such a district since the system was first implemented in 1975.
A TID essentially freezes real estate tax rates for a period that’s typically 20-25 years, in anticipation that new development will offset, and eventually outperform any losses. The duration of the Town of Sheboygan’s TID wasn’t disclosed in the release from Town Chair Dan Hein. However, the 509 acre TID that straddles the intersection of I-43 and Highway 42 was projected to have a $1 billion annual retail potential according to Sheboygan County Economic Development Corporation Executive Director Joe Sheehan. That figure was reached through a joint study by the township and the SCEDC.
The town plans to use the TID to encourage responsible, aggressive growth of the corridor and is now seeking developers.
