Tax Increment District Created to Support Redevelopment of 421 S Green Avenue
On May 15, 2024, the Joint Review Board approved the creation of a tax increment
district to financially support redevelopment of 421 S Green Avenue, the future
home of the mixed-use public library and private residences.
The Joint Review Board consists of a public member and representatives from
each taxation jurisdiction: the City of New Richmond, St. Croix County, School
District of New Richmond, and Northwood Technical College. The tax
incremental financing process allows a municipality to use the future taxes
collected within a designated area resulting from increased property value to repay
the cost of public improvements and other eligible project costs.
Specifically in the case of the library building project, the property taxes collected
from the private residences on the site will be used to help support the eligible
infrastructure and development expenses of the City and Three Sixty Real Estate
Solutions. Property owners within a tax increment district pay the same tax rate as
other property owners in the City, with the only difference being that some of their
taxes go toward paying for identified projects located within the geographic
boundaries of the tax increment district. When the eligible project costs are paid
off, the tax increment district is “closed” and the new tax base is opened to the
other taxation jurisdictions which in turn benefit from increased tax revenue – tax
revenue which would not otherwise be collected were it not for the creation of the
tax increment district and the proposed residences.
View the full press release here:
Tax Increment District Created to Support Redevelopment of 421 S Green Avenue