MONROE - A recently passed federal tax bill may impact the economic growth of a portion of Monroe, but officials are not yet sure when changes might take place.
Assistant City Administrator Sam Liebert said for now the city will look to the Wisconsin Housing and Economic Development Authority as implementation "in coming months" begins to "roll out."
"We're just kind of waiting for the 'how it all works' part," Liebert said.
The 2017 Tax Cuts and Jobs Act passed by Congress in late December created the Economic Opportunity Zones Program. A press release by the governor's office announced March 21 that 120 areas throughout the state were recommended as EOZs and sent to the U.S. Department of Treasury for approval. Designations of areas within 44 counties covering rural, urban and tribal areas were made based on input from "an interagency working group comprised of WHEDA," the Wisconsin Economic Development Corporation, the state Department of Administration and Department of Children and Families, along with public comment "and an independent analysis conducted by a nationally respected consulting firm," according to the press release.
Liebert said the city applied to become an EOZ March 12, but only a portion of the city was chosen. On April 17, he informed members of the Monroe Common Council and Mayor Louis Armstrong that 5.3 square miles of the city was chosen by Gov. Scott Walker and approved by the state treasury department.
An EOZ creates an area with the lure of tax incentives for investors to realize a project with capital funds, whether it be a new business or additional building, Liebert said. The goal is to have investors spend as a way to bolster development and boost the value of an area.
"With talk of vamping our Redevelopment Authority ... it seemed like it'd be great to have another tool in our toolbox," Liebert said.
The spaces designated as economic zones are those which are economically depressed. According to the release by the
governor's office, the zones have a decade of "potential private investment."
Zone borders within the city run along 9th Street west to Wisconsin 11 and return toward the city along Patterson Road before dipping south to Bethel Road until Melvin Road. The eastern side runs south, mostly along 14th Avenue and continues along Clarno Road.
Liebert said 18.5 percent of the area's population lives below the poverty line with a per capita income of just under $23,000. Its population includes more than 4,000 Monroe residents. The city was the only Green County region recommended by the governor. Liebert said 51st Assembly Rep. Todd Novak and District 17 Sen. Howard Marklein helped the city by contacting the governor's office directly to advocate for the designation.
Assistant City Administrator Sam Liebert said for now the city will look to the Wisconsin Housing and Economic Development Authority as implementation "in coming months" begins to "roll out."
"We're just kind of waiting for the 'how it all works' part," Liebert said.
The 2017 Tax Cuts and Jobs Act passed by Congress in late December created the Economic Opportunity Zones Program. A press release by the governor's office announced March 21 that 120 areas throughout the state were recommended as EOZs and sent to the U.S. Department of Treasury for approval. Designations of areas within 44 counties covering rural, urban and tribal areas were made based on input from "an interagency working group comprised of WHEDA," the Wisconsin Economic Development Corporation, the state Department of Administration and Department of Children and Families, along with public comment "and an independent analysis conducted by a nationally respected consulting firm," according to the press release.
Liebert said the city applied to become an EOZ March 12, but only a portion of the city was chosen. On April 17, he informed members of the Monroe Common Council and Mayor Louis Armstrong that 5.3 square miles of the city was chosen by Gov. Scott Walker and approved by the state treasury department.
An EOZ creates an area with the lure of tax incentives for investors to realize a project with capital funds, whether it be a new business or additional building, Liebert said. The goal is to have investors spend as a way to bolster development and boost the value of an area.
"With talk of vamping our Redevelopment Authority ... it seemed like it'd be great to have another tool in our toolbox," Liebert said.
The spaces designated as economic zones are those which are economically depressed. According to the release by the
governor's office, the zones have a decade of "potential private investment."
Zone borders within the city run along 9th Street west to Wisconsin 11 and return toward the city along Patterson Road before dipping south to Bethel Road until Melvin Road. The eastern side runs south, mostly along 14th Avenue and continues along Clarno Road.
Liebert said 18.5 percent of the area's population lives below the poverty line with a per capita income of just under $23,000. Its population includes more than 4,000 Monroe residents. The city was the only Green County region recommended by the governor. Liebert said 51st Assembly Rep. Todd Novak and District 17 Sen. Howard Marklein helped the city by contacting the governor's office directly to advocate for the designation.