Critical for Village Lake Delton To Extend TID's With Debt To New High School

The State of Wisconsin has extended the Village of Lake Delton TID 3 out to the year 2042.  The State has also extended TID 4 out to the year 2044.   The assessed value of the land before the tax increment district was created is considered the tax base.

What the land in the tax increment district is worth after the property is improved is the increment.  The Village of Lake Delton realizes the municipality may use excess increments for more projects if the expenditure period has not expired.  However - only projects in the approved plan may be paid with TID funds.

With the Village of Lake Delton needing money for their commitment to fund the new high school - expect the administration to complete a project plan amendment and submit it to the Department of Revenue.  The project plan amendment will require a contract between the City of Wisconsin Dells and the Village of Lake Delton that describes the use of TID funds on legally acceptable expenditures in the construction of the new high school building.

These funds can be applied to infrastructure - but cannot legally be used for the new Wisconsin Dells High School building.  The City of Wisconsin Dells Common Council will need to approve the contract that will essentially define the limit of the amount and the application of the fund.  This will include the City of Wisconsin Dells commitment to fund their portion - about 4.5 million dollars.

This shifts some of the risk associated with not paying for projects by the time they were originally set to expire - over on to the property owners in the Wisconsin Dells area.  Recall the City of Wisconsin Dells is a documented distressed tax incremental district - and their TID has been extended out to the year 2045.