The plan outlines incentives for real estate developers in the field over the 20-year lifespan of TID.
Baraboo Municipality Council members unanimously approved the creation of TID without discussion.
An estimated list projects spending of more than $ 12.1 million this year, including $ 7.2 million for development incentives as the largest cost and $ 4.4 million for public infrastructure. In the second phase, scheduled for 2023, $ 170,000 would be spent. This would include $ 115,000 for cycling and walking paths, $ 40,000 for land acquisition, $ 10,000 for demolition and $ 5,000 for asbestos inspections.
In 2024, the state Department of Transportation plans to rebuild State Highway 33, when the replacement of sewers and water lines as well as the additional reconstruction of streets along Jefferson Street and the installation of street lighting is estimated for approximately $ 835,000.
Currently, the city is anticipating a multi-family development on the property that would create 64 housing units. The tax benefit would be around $ 9 million. Other projects are planned in the coming years for four- and six-plex buildings and single-family homes.
The TID has been designated as mixed use, which means that no more than 35% of the land can be used for new construction of residential buildings. It is estimated that less than 35% of the neighborhood is used for retail. There are also plans to create conservation lands in the district.