Tax Increment Financing
- For those sites that fall within a Tax Increment District the City of Menomonie has the flexibility on how projects are supported either through reduced land sales and/or direct project assistance.
- With each transaction, a starting point is obtained by calculating the size of lot by the current asking price of $45,000/acre.
- Additional deductions related to the land price are allowed for jobs created or retained, type of project, construction materials, finished market value of the building and impact on the community with the goal of reducing the purchase price.
- Additional TIF incentives could be offered to offset costs associated with work outside of the building shell and is based on the same factors as listed above.
- In most cases, once City staff has held an initial meeting with the client and understands the project a more detailed incentive package can be discussed.
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