Whitewater’s Tax Incremental Financing (TIF) Joint Review Board met this week to review the city’s annual PE-300 reports for each tax district, though no action was taken.
Greg Johnson, a senior municipal advisor, opened the meeting with a map outlining all of Whitewater’s existing tax increment districts (TID). He opened by stating that the law requires municipalities to electronically file annual reports for each district by July 1.
Johnson began with TID 10, reporting an incremental value of $15,370,900 as of Jan. 1. The district ended 2024 with a fund balance of $138,500.
“We look at these as an annual update so we can understand our existing obligations,” Johnson said, noting that the district is expected to retire all of its obligations by 2036.
Some major expenses in the district include water tower costs, Starin Road improvements and administrative expenses. Increment projections show roughly $1.32 million generated in Jefferson County and $4.31 million generated in Walworth County.
Johnson also reviewed the cash flow projections, stating that debt service was issued in 2022 for water utility projects that benefited TID 10.
City Economic Development Director Mason Becker updated the board on the Bolton project, which is a proposed set of small commercial buildings planned for Endeavor Drive and North Prospect Drive in the business park.
“The Bolton project is supposed to be moving forward,” Becker said. “I did have communication from the property owner, who stated they would be moving forward. The CDA may need to revisit that one at a future date.”
TID 11, which has an expenditure period ending in 2036, reported an incremental value of $4.73 million as of Jan. 1. The district is estimated to generate about $7.32 million in tax increment revenue. Projects in the district include road upgrades and water system maintenance.
District 12, which is located in Walworth County, is classified as a rehabilitation district and therefore has a longer maximum lifespan of 27 years. Its incremental value as of Jan. 1 was $7.7 million, with a fund balance of $39,786. The project costs a total of about $1.08 million, and the district is expected to generate approximately $3.08 million in increments.
Created in 2021, TID 13 reported having an incremental value of $5.05 million as of Jan. 1. The district is expected to close in 2042. Projects include water tower improvements, stormwater management and Walworth Street upgrades. Estimated tax increment revenue is a total of $1.53 million.
TID 14 shows an incremental value of $30.7 million and has a projected closure date of 2039. Planned projects include water tower expenses, sweater upgrades, water system work and general street infrastructure.
No notes were taken during the meeting, but board members agreed that several topics would return at future sessions.
