Conservative projections suggest a proposed tax increment finance district (TID) will be able to raise enough money to pay for a developer’s incentive to Alliance Laundry Systems for its upcoming expansion.
But to do more, such as a few road projects? “Conservative” revenue amounts won’t cut it.
The TID will need to out-perform the conservative estimates to enable the city to do the kind of work to the east-side neighborhood it would like to do.
At least one city leader seems confident that can happen.
“This should be the worst-case scenario,” Mayor Gary Will said of the figures used for the financial projections.
He spoke last week Wednesday, when Phil Cosson and Maureen Schiels of Ehlers and Associates, Brookfield — the city’s bond counsel — appeared at a Ripon Plan Commission meeting.
They spoke at a public hearing held as one of several necessary steps toward creating TID No. 12. The city intends to implement it to help give a financial incentive to Alliance Laundry Systems as it moves toward phase two of its current expansion plans.
“There are about $1.9 million in TID-eligible expenses,” Cosson said of the combination of dollars being given to Alliance and road projects planned. “Of that $1.9 million, this first phase as identified by Alliance will cost $1.4 million.”