The City of Two Rivers has eliminated two Tax Incremental Districts (TIDS).
The city council voted unanimously to dissolve TID 13 and TID 16. TID 13 was created in 2020 because, at the time, Two Rivers could have gotten a new Culver’s restaurant at the corner of Washington and 22nd Street.
However, City Manager Kyle Kordell explains that the restaurant chain is not expected to open in the Cool City any time soon.
The TIDS fund balance ended at $100,000, which Kordell explains will be divided between the city and several taxing bodies, including Two Rivers Public Schools and Lakeshore College.
TID 16, which would have created housing on the former Eggers property, ended in a negative balance of $7,000, which will be subtracted when the city gets some money back in 2027.
Economic Development Director Jeff Sachse (SOX-ee) also explained how the city would create a new TID district if future development became possible in certain areas.
He said the council would have to pass a resolution to create the TID.
Then, county taxing bodies would have to vote on whether to approve the project plan before it could move forward.
The TID request would then go to the Wisconsin Department of Revenue’s local government unit to make sure it follows state rules and that no more than 12% of the city is covered under a TID.
Councilmembers Tim Petri and Adam Wachowski were absent for the vote.
