JRB Approves TID 8

 JRB Approves TID 8, Opening Door to Revitalization

The Joint Review Board (JRB) approved the Tax Incremental District 8 (TID 8) on Tuesday night. This clears the way for work to begin in the district located on 18 acres in the heart of downtown Watertown. In giving the green light for the creation of TID 8, the majority of representatives from the Joint Review Board, which includes the Watertown Unified School District, Jefferson County, Madison College, City of Watertown, and a member-at-large, signaled their support for future development plans surrounding the town square, the properties along north Water Street, the former Johnsonville site, the riverwalk, and the Library remodel and expansion.

“This is a great thing,” said Mayor Emily McFarland, “Countless people have put a lot of effort and research into creating a TID that aligns with the City’s priorities and growth plans. I especially thank the representatives of the taxing jurisdictions and members of the common council for their confidence in the process and forward-thinking actions.”

 “The creation of this TID is a tremendous step forward for the City of Watertown,” said Nate Salas, RDA vice chair. “Keeping with the RDA’s ongoing mission of leading transformative change in the downtown, TID 8 unlocks a number of current development opportunities which may not have otherwise been possible…as well as future projects still waiting to be discovered. The passage of TID 8 will be a spark for investment in our community as we continue our work downtown.”

 Creating a TID is one of the few tools the City has to stimulate economic development within a targeted (often blighted) geographical area. The value of the land before the TID is the base value. Property owners continue to pay taxes to the taxing entities (school district, county, etc.) on the base value throughout the life of the TID. When a property is improved, its value goes up. The value (above the base) is the value increment which is diverted to the TIF and used to finance projects within the TID for the life of the TID (27 years). At the close of a TID, all excess funds are proportionately divided among the taxing jurisdictions.

 Noting the amount of misinformation and confusion circulating about TIDs, Mayor McFarland reiterated the need for anyone with questions to contact City Hall. “We don’t expect you to understand the ins and outs of TIDs. We want you to feel empowered with answers and are here to address your concerns. Please, give us the opportunity to explain what a TID can provide you as a business, land owner, and resident,” said McFarland.

Residents could see new development in TID 8 start as soon as this summer.