MARSHFIED, WI (WAOW)—Initial plans for a new Tax Incremental Funding (TIF) District has been approved in the city of Marshfield.
They want it to be a mixed-use TIF district. Typically, TIF Districts are created for commercial or industrial use only, but this one has been approved for industrial, commercial, and residential use.
Marshfield, like many communities, is facing a housing shortage. Though there is plenty to be done, officials say this is a step in the right direction.
This residential area will focus on middle-class housing or starter homes for single families and two family duplexes. The units will range from 200 to 250 thousand dollars.
"So, we need affordable housing. We need middle class housing. We need higher-end housing. So there’s not a one size fit all solution to this," says Josh Miller, Marshfield Development Services Director.
The purpose of building a TIF District as opposed to a typical City-funded initiative is to incentivize economic development and essentially pay for itself. So, the taxpayer does not have to.
The City is planning for about 60 homes, but a final infrastructure plan needs to be created and approved. The Board awaits final approval by mid-2022. From there, developers will break ground.