Any consideration to create a new TIF district within the Village of Waunakee should begin with a consultation with the Village Administrator / Economic Development Director. Depending on the potential feasibility, additional staff may become involved along with the Village's financial advisors. Conceptual discussion with Village committee(s) and/or the Village Board may be required to provide staff with authorization to proceed with a creation process.
There is no formal application form to request that a new district be considered, nor is there a specified fee. The Village reserves the right to re-bill expenses related to district creation to a requesting party with advanced notification. It is not unusual, although not required, for TID creation expenses to be repaid using future increment generated by the newly created TID.
The formal process of creating district is governed by state law. Generally the process takes approximately 90 days - start to finish. Currently the Village utilizes the financial advising services of Ehlers & Associates to assist with the project plan development and process coordination. The Wisconsin Department of Revenue provides a thorough on-line resource that summarizes the formal process. This report can be viewed online via the link below:
A Guide to Wisconsin's Tax Increment Law (Rev. 4-13)