Brodhead Plan Commission backs TIF plan for Shopko
BRODHEAD The Brodhead Plan Commission on Tuesday night recommended creating a new tax increment financing district to encourage the development of a small department store.
The proposed TIF district could benefit C.D. Smith Construction of Fond du Lac, a company that has proposed developing the land at the southwest corner of Highway 11 and 25th Street.
The developer would buy the land and build a commercial facility, with the tentative tenant being Shopko.
Smith is seeking incentives from the city through the creation of a TIF district for the $2.5 million project.
A TIF district allows municipalities to encourage development by offering property, buildings and other incentives to attract businesses.
The idea is that new development will attract other businesses, provide jobs and generate future tax income.
Smith wanted up to $625,000 in TIF assistance over a 16-year payback, but the plan commission last month offered up to $500,000 over 10 years, Mayor Doug Pinnow previously told The Gazette.
The plan commission's actions will be forwarded to the city council for discussion at Monday's regular meeting.
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