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City could change TID parameters
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MONROE - A proposed amendment to Monroe's downtown tax district could allow for more potential development through a provision for incentives for those wanting to enhance the area.

The amendment to TID 7 would allow for either loans or taxes taken from within the district to be used to aid those building in the area. If approved, the council would be able to decide whether or not proposed projects would be financially sustainable. Through the use of incentives toward approved development, the city could encourage growth within the district.

A presentation by Ehlers Municipal Advisors Vice President Greg Johnson outlined the three main pieces of the amendment. Johnson spoke to the Finance and Taxation Committee Tuesday and confirmed that TID 7 was stable, and had grown in value over the past year. He said the amendment's main purposes are to establish methods to provide incentives for development, add additional territory to the district and clarify language regarding parking expenditures. The amendment would also allow the city to create a project plan for the area.

"This is essentially a planning document," Johnson said. "It doesn't represent an actual commitment (to any development.)"

Assistant City Administrator Martin Shanks said a recent cash flow analysis revealed TID 7 was worth more than in the past. As of Jan. 1, the district sat at $6.5 million of value, an increase from the previous year's $6.2 million value.

"Increment value in this TID has fluctuated wildly," Johnson said.

However, he added that it has been a positive shift recently according to the cash flow analysis. TID 7 was created in 2005 after being identified as an area needing rehabilitation. Its life will continue until 2033.

Johnson said Ehlers would take the data for additional work before providing a report to the city. If the Common Council agrees, a public hearing would be held before the amendment would move on to the Tax Increment Finance District Joint Review Board, comprised of individuals from the school district, Green County, Blackhawk Technical College, the city of Monroe and another appointed at-large representative.