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A joint review board approved the city of Onalaska’s fourth tax increment financing district touted as a catalyst for economic growth for the city, particularly in the old downtown/watefront area.
The approval sets the stage for new development and potential completion of many projects for the waterfront and downtown area. City officials hope a TIF district will generate investment to help fund projects such as providing better access to the Black River via Irvin Street, a new tourism center, railroad improvements, Great River State Trail improvements, a farmers market, public parking facilities, streetscaping and transit improvements, to name a few.
The city’s vision is to improve access to the waterfront through such projects as boating improvements, riverwalk access with fishing nodes and overlooks, boardwalks and trail heads, open shelters and park improvements.
In addition to Onalaska Mayor Mike Giese, the Joint Review Board included Gary Ingvalson from La Crosse County, Ann Garrity from the Onalaska School District, Dan Hanson from Western Technical College and Kirk Stowa, Festival Foods chief financial officer representing the general public.
At the Nov. 24 meeting, board members expressed confidence in the ability of the TIF district to jumpstart economic and tourism growth in the city’s downtown district.
Part of that confidence stems from the conservative financial projections used for the TIF district.
Ingvalson, who is familiar with the performance of the West Salem TIF district, said he appreciated that the Onalaska TIF district was also structured as a pay-as-you-go plan. The city won’t invest or borrow any money until there is a firm commitment from developers.
“With TIF plans as realistic as this, we feel confident in time it will generate new development and additional tax revenues,” Ingvalson said.
The increase in taxes generated from appreciation in property values within the TIF district will not go to other taxing entities but will be dedicated to paying off costs within the TIF district for such things as road work, water and sewer pipes or even land acquisition.
The school district will forgo some revenue while the TIF district is in play, but Garrity said she sees it as a positive for the community.
“Anything that is positive for the community is positive for the school district,” Garrity said. “We’re focused on the long run, the big picture.”
Stowa said he believes the TIF district and resulting waterfront development will help solidify Onalaska’s identity.
“The downtown and waterfront will be a signature place for the community,” he said. “Right now the city lacks identity. This will attract visitors and create positive energy for businesses and residents.”
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