Re-evaluation to be factored into district
By Kevin Boneske
Staff Writer
ASHWAUBENON – Expanding the village’s Tax Incremental Financing No. 5 district boundary with 13 additional parcels received final approval Tuesday, April 3, by the Joint Review Board, which consists of representatives of each of the property taxing entities in Ashwaubenon and a public member.
Village Manager Allison Swanson said the amendment, which would be effective retroactive to Jan. 1, will be submitted to the Wisconsin Department of Revenue after the re-evaluation of the village is completed this summer to include this year’s property values.
She noted the village has until October to submit the amendment to the DOR for it to be effective for the first of this year.
The amendment will add lots to the north of the district near the intersection of Lombardi Avenue and South Oneida Street in the area where the Brown County Veterans Memorial Arena is located and a new expo center is proposed.
It will also add lots to the south along Holmgren Way extending to Cormier Road in an area where the new baseball stadium is planned for the Green Bay Bullfrogs, which is planned for parcels 10 and 11.
The project plan for the district amendment estimates approximately $141 million in additional property value will be generated through 2041 over the life of the TIF district, which is located between South Oneida Street and South Ashland Avenue.
Tax revenue raised from new property value created in the TIF district would be able to be used for public improvements made in the district, such as road or utility work. Instead of the additional property tax revenue having to be split among the various taxing entities in Ashwaubenon, that money could go toward paying off the TIF debt.
Assessor Mike Denor said the TIF application will be based on the equalized value of the district upon completion of the re-evaluation, which will be used to calculate the base value of the parcels added in the amendment prior to new developments taking place.