Tax Incremental Financing (TIF) Districts

The Village currently has five active TIF districts described below. Included are lnks to the project plans, project plan amendments (if any), and the latest TIF audit reports.

The State of Wisconsin under statute 66.1105 allows a municipality to undertake a public project to stimulate beneficial development or redevelopment that would not otherwise occur. It is a mechanism for financing local economic development project in underdeveloped and blighted areas. Taxes generated by the increased property values pay for land acquisition or needed infrastructure improvements. All property tax revenue from a tax district is used within that district until all the costs of the improvements are recovered.
 
What is a TIF?
Waunakee's TIF Policy
Process to Request TIF Assistance
Creating New TIF Districts
 

A TIF is based on two working principles:


1) New private development expands the municipality’s tax base, thereby increasing property tax revenues.

 2) If the municipality must provide public improvements to attract the development , the overlying tax districts that benefit from the resulting increase in the community’s tax base should share in the cost of the public improvements.   

A city or village can designate a specific area within its boundaries as a TIF district and develop a plan to develop it. TIF projects must be approved by the municipality’s planning commission and legislative body. At least 50% of the TIF district’s property area must be blighted, in need of rehabilitation, or suitable as an industrial site.

TIF No. 1 - Waunakee Industrial Park (CLOSED)


This Village Tax Incremental District ("District"), named the Waunakee Industrial Park, was located just south of State Highway 19/113 from Culvers to the south and included approximately 142 acres. The purpose of the district was to create industrial development and make the village more competitive with surrounding communities.  The district was also created to create more local job opportunities and achieve more of a balance in future village growth.  The development promoted orderly development and enabled the village to accommodate several non-retail businesses.

The District was created on December 15, 1988. All infrastructure improvements were installed and tax increment was collected starting in 1991. The District collected tax increment through 1997 and closed successfully on November 17, 1997.
  
TID No. 1 Original Project Plan 12-15-88
TID No. 1 Report 11-17-1997
  

TIF No. 2 - Arboretum Office Park (ACTIVE)


This Village Tax Incremental District ("District"), named the Arboretum Office Park, is located off of Arboretum Drive on the Village’s southeast side. The purpose of the district is to provide an aesthetically attractive working environment, using natural settings, exclusively for and conducive to the development and protection of offices, research and development and specialized manufacturing establishments.

The District was created on March 20, 2000. All infrastructure improvements must be installed by March 20, 2018 to be eligible for recovery from annual tax increments. The District can collect tax increments over a twenty-three year period. The District must close on March 20, 2023, but may collect increments through 2024, if necessary.  It is the goal of the Village that this District be successful and close (recover all infrastructure costs) prior to the twenty three year deadline. 
 
TID No. 2 Original Project Plan 3-20-00
TID No. 2 Project Plan Amendment 11-19-12
TID No. 2 Report 12-31-14
   

TIF No. 3 Waunakee Business Park (ACTIVE)


This Village Tax Incremental District ("District"), named the Waunakee Business Park, is located just south of State Highway 19/113 next to the Country Inn and Suites hotel. The purpose of the district is to create a high quality business environment for expanding businesses in the Waunakee area, as well as attracting new businesses to Waunakee. The plan calls for a project that will create a high image business park designed for businesses in the 21st century.

The District was created on June 5, 2000. All infrastructure improvements must be installed by June 5, 2018 to be eligible for recovery from annual tax increments. The District can collect tax increments over a twenty-three year period.  The District must close on June 5, 2023, but may collect increments through 2024, if necessary.  It is the goal of the Village that this District be successful and close (recover all infrastructure costs) prior to the twenty three year deadline. 
 
TID No. 3 Original Project Plan 6-5-00
TID No. 3 Project Plan Amendment 9-27-04
TID No. 3 Report 12-31-14
   

TIF No. 4 - Stokely Canning Site/Village Center (ACTIVE)


This Village Tax Incremental District ("District"), is located at the site of the old Stokely Canning factory just west of Village Park. The purpose of this district is to eliminate the blight that existed as the old canning factory and make the land developable. Development plans for this site include senior housing and a senior center or community center.

The District was created on December 2, 2002. All infrastructure improvements must be installed by December 2, 2024 to be eligible for recovery from annual tax increments. The District can collect tax increments over a twenty-seven year period.  The District must close on December 2, 2029, but may collect increments through 2030, if necessary.
 
TID No. 4 Original Project Plan 12-2-02
TID No. 4 Report 12-31-14
  

TIF No. 5 - Historic Downtown Redevelopment (ACTIVE)


This Village Tax Incremental District ("District"), is located in the village's historic downtown. The purpose of this district is to eliminate the blight that exists in the downtown and make the land developable. Development plans for this site include shops and residential.

The District was created on November 1, 2004. All infrastructure improvements must be installed by November 1, 2026 to be eligible for recovery from annual tax increments. The District can collect tax increments over a twenty-seven year period.  The District must close on November 1, 2031, but may collect increments through 2032, if necessary.
 
TID No. 5 Original Project Plan 12-1-04
TID No. 5 TIF Guidelines 9-29-06
TID No. 5 Report 12-31-14
   

TIF No. 6 - Kilkenny Farms (ACTIVE)


This Village Tax Incremental District ("District"), named Kilkenny Farms, is located off of County Highway Q on the village’s southwest side. The purpose of this mixed use district is to provide an aesthetically attractive commercial development.  The development will be used to attract grocery, convenience store, banks, retail or other semi-big box business and provide addition possibilities to existing businesses. The district is comprised of residential property totaling 20.44% of the total value of the district.  The residential component is used to help spur the commercial development in the district.  No infrastructure improvements installed directly benefit any of the residential component.

The District was created on July 15, 2015. All infrastructure improvements will be installed by July 15, 2030 to be eligible for recovery from annual tax increments. The District can collect tax increments over a twenty year period. The District must close on July 15, 2035, but may collect increments through 2036, if necessary. It is the goal of the Village that this District be successful and close (recover all infrastructure costs) in 2028. seven years prior to the maximum life. 
 
TID No. 6 Original Project Plan

TIF No. 7 - RenewAire Project (ACTIVE)

Type of District, Size and Location:
Tax Incremental District (“TID”) No. 7 (the “TID” or “District”) is proposed to be created by the Village of Waunakee (“Village”) as an 8.3 acre rehabilitation - conservation district. A map of the proposed District boundaries is located in Section 3 of this plan. There is an existing manufacturing facility that has been vacant on this site for over 3 years. The project involves the renovation of this facility into a LEED certified building which will be owned and occupied by the headquarters for RenewAir corporation’s offices and manufacturing facilities.

Estimated Total Project Expenditures: The Village anticipates making total project expenditures of approximately $1,129,300 to undertake the projects listed in this Project Plan. The Village anticipates completing the projects in 2 phases. The Expenditure Period of this District is 22 years from the date of adoption of the authorizing Resolution of the Village Board (the “Creation Resolution”). The projects to be undertaken pursuant to this Project Plan are expected to be financed with a Municipal Revenue Obligation (PAYO) and issued by the Village and a State Trust Fund Loan, however, the Village may use other alternative financing methods which may provide overall lower costs of financing, preserve debt capacity, mitigate risk to the Village, or provide other advantages as determined by the Village Board. A discussion and listing of other possible financing mechanisms, as well as a summary of total project financing, is located in Section 10 of this plan.

Economic Development: As a result of the creation of this District, the Village projects that additional land and improvements value of approximately $5,426,000 will be created as a result of new development, redevelopment, and appreciation in the value of existing properties. This additional value will be a result of the improvements made and projects undertaken within the District. A table detailing assumptions as to the timing of new development and redevelopment and associated values is located in Section 10 of this Plan. In addition, creation of the District is expected to result in other economic benefits as detailed in the Summary of Findings hereafter.

Expected Termination of District: Based on the Economic Feasibility Study located in Section 10 of this plan, this District would be expected to generate sufficient tax increments to recover all project costs by the year 2033, 10 years earlier than the 27 year maximum life of this District.

Related Documents: