MADISON, WI…State Senator Andre Jacque (R-De Pere) today said the City of Gibraltar will have the gap funding tool it has requested to address the housing shortage affordable, with the legislation he drafted on its way to the governor’s office after his passage. by the State Senate. The National Assembly approved the measure last month.
“I have been delighted to work with Gibraltar City Administrator Travis Thysse to help the city build much-needed workforce housing in the area,” said Senator Jacque. “While the shortage of affordable housing is a statewide concern, high property values in northern Door County make the issue particularly serious and I am pleased with the extremely high level of local support for this project.”
Supplemental Tax Financing (TIF) allows local governments to fund public infrastructure improvements (sewers, roads, etc.) by borrowing against future increases in property tax revenue generated by development in a designated district, and using the increased income to pay off this debt in the future. . However, while Gibraltar has almost double the minimum taxable property value of $500 million required to use this funding tool, it is about 2,000 residents short of the 3,000 population requirement. The legislation incorporates new guarantees for ratepayers ensuring that the district will be terminated within 10 years and that the development agreement includes a letter of credit that guarantees repayment of debt service on project costs.
“The city is seeking to establish an additional tax district (TID) to pay for the installation of sanitary sewer lines and an interceptor that will service 102 workforce housing units,” Sen. Jacque said. “This interceptor will also open up additional land for future development, including more affordable homes that will attract the skilled professionals the city’s economy needs to stay growing and vibrant.”
Senator Jacque said the Town of Sturgeon Bay and the Village of Sister Bay have established TIDs to fund public infrastructure. This legislation grants an exemption allowing Gibraltar to also establish a TID, which the state legislature has done for other cities in the past. Senator Jacque was also an active proponent of the Door County Workforce Housing Pilot Project as a member of the Wisconsin Housing and Economic Development Authority.
“This is a reasonable request by Gibraltar to address its labor shortage which is consistent with past precedent,” Senator Jacque said. “The Legislature has provided the same funding mechanism to other cities that otherwise could not have afforded to build the infrastructure needed to support critical economic development projects that create jobs, attract workers and increase the local tax base.
Senator Jacque said he was waiting for the bill (Assembly Bill 914) which will soon be enacted.
Senator André Jacque represents the first senatorial district in northeastern Wisconsin, made up of Door and Kewaunee counties and parts of Brown, Calumet, Manitowoc and Outagamie counties.