Superior Tax District Ending; Last Year Of Revenue Goes Towards Affordable Housing
The old saying goes that when one door closes another one opens. That's seems to be the case as the City of Superior gets ready to close a tax increment district a year from now. Funds from the last year of its existence will be used to fund affordable housing in the city.
Established in the 1990's, Tax Increment District Number 8 helped fund business development in Superior. According to news sources, the funds achieved through the district helped develop Exodus, Field Logic, and Genesis in the Connors Point Industrial Park. The city has now decided to close this specific district, and to take advantage of a state law that will allow them to draw funds and use them to develop affordable housing in the community. Superior Mayor Jim Paine explains:
"What this is effectively doing is closing TID District Number 8; However, state law allows the city to capture the final year of increment revenue for affordable housing before the taxes generated in the district are returned to other taxing authorities"
The move came with the approval of the Superior City Council. At their meeting on August 18, they approved the extension of the district for one more year in order to use incremental revenue to create incentives which would develop housing that "....coss 30% or less of a household’s gross monthly income. About 80% of the funds derived from the extension will be used for affordable housing with the remaining balance to be used to improve the city’s existing housing stock".
The closure of District Number 8 represents the first time in more than 20 years that the City of Superior has done this. The district is one of 6 tax increment districts that are currently open in the city.