Last night, the Manitowoc City Council approved a TIF district agreement to allow for expansion of a company into the former Manitowoc Cranes structure. The agreement was passed unanimously with Alderwoman Rhienna Gabriel absent. Fourth district alderman & Finance Committee chairman, Jim Brey, describes it as a pay-as-you-go agreement with Alliance Laundry Systems for up to $900,000 up to the life of the TIF. A TIF district essentially reallocates funds from property taxes to encourage investment. Any increased tax revenues collected as a result of an increase in property values, then go into the TIF fund and can be used by the city for a wide range of purposes within the district to promote redevelopment. Mayor Justin Nickels is scheduled to be on 1240 AM WOMT’s Be-My-Guest program this morning at 9:30.
