Joint Review Board

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Two Rivers’ Joint Review Board appointed a new public member and reviewed a mixed TIF picture: most districts are on track, but one is projected to end about $1.4 million short.

Key Decisions

The board reviewed plans for a possible $60 million mixed-use redevelopment at the Hamilton site. A proposed TIF plan is expected to return to the board early next year, making this a major future tax-financing decision to watch.

TID 8 is projected to close with about a $1.4 million deficit, while TID 6 needs continued monitoring. Staff said the city is trying to close weak districts when appropriate and avoid smaller, single-project TIF districts.

The board appointed Tracey Koach as its citizen member. The Joint Review Board oversees the city’s use and financial performance of TIF districts, which can affect when property value returns to the regular tax base.

Public Input

No public comments or communications recorded for this meeting.

Agenda Items

SELECTION OF A NEW PUBLIC MEMBER
Passed
The board unanimously appointed Tracey Koach as the citizen member of the Joint Review Board. That seat provides a public representative in the body that reviews the city’s tax-increment financing districts and their financial results.
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REVIEW OF ALL TAX INCREMENTAL DISTRICTS' FINANCIAL PERFORMANCE
The board reviewed the city’s 10 active TIF districts, down from 12 after TIDs 13 and 16 closed. Staff reported that the districts have added more than $52 million in property value overall, but TID 6 needs monitoring and TID 8 is projected to end with an approximately $1.4 million deficit. The city’s stated strategy is to close underperforming districts when appropriate and be more selective about creating new ones, particularly smaller districts built around a single project.
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tax increment districts tids Full history →
REVIEW OF RECENT ACTIONS INVOLVING TAX INCREMENTAL DISTRICT EXTENSIONS, TERMINATIONS, AND PENDING MODIFICATIONS TO TIF-DISTRICT PROJECT PLANS
The board reviewed a one-year extension of TID 9 expected to generate about $160,000 for a new housing development, along with the closure of TIDs 13 and 16, which is expected to return about $120,000 to the taxing bodies. Staff also outlined possible TIF changes for the former U.S. Bank property and possible new districts for the Hamilton redevelopment and a 24-acre housing site behind VT Industries near the high school. The Hamilton proposal, described as a potential $60 million mixed-use investment, is the largest item on the horizon; a project plan is expected before the board early next year.
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