Beloit TID proposal aims to create jobs, increase retention

MADISON, Wis. (WMTV) - Beloit officials are considering the creation of a Tax Increment District in the city as a way to increase local jobs and retain them.

The City of Beloit will look to propose the TID in the Gateway area, which it noted has seen success in the past with TIDs. A previous one implemented helped fund the creation of the Gateway Business Park, which the City said created an additional $384 million in property values in Beloit.

Under the new TID proposal, City of Beloit officials plan to designate the district as a mixed-use development. It would have the possibility to include businesses, residential buildings or manufacturing developments.

The City of Beloit did not specify how much of property tax revenue would go toward the project.

City of Beloit’s proposal will be reviewed at 4 p.m. on Wednesday, April 5, during a meeting of the Joint Review Board. There will a public hearing at 7 p.m. that day during the Plan Commission meeting. The proposal will then need to receive approval from the Beloit City Council to move forward.

Click here to download the NBC15 News app or our NBC15 First Alert weather app.