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At their regular monthly meeting, September 12th, the Boyceville Village board approved the creation of Tax Incremental Finance District Number 4.
The new District includes a large part of the Village on the southeast side including the airport, Anderson Hill and land along State Highway 79 south of Nelson Drive.
Kianna Lindh, a funding specialist from MSA out of Rice Lake addressed the board with a 17-page project plan.
Included in the plan was a statement for the purpose of the new district that stated: “The Village of Boyceville has identified a need to expand its economic base through business and residential development and redevelopment. In order to promote development and redevelopment, the Village is seeking to create Tax Incremental Finance District No. 4. The creation of TID No. 4 will allow the Village to make certain public improvements to the designated area so that business and residential growth can occur.
“Anticipated growth, combined with the Village’s commitment toward development and redevelopment, will ensure sufficient tax increment to retire all debt issued by the District for improvements.”
Lindh presented a list of projects and their cost for improvements in the new District. The total cost of the improvements has been estimated at $2,040,000 using 2022 costs.
Included as major project cost were estimated at a half million each were for Sanitary sewer improvements, water system improvements and new streets and a quarter million dollars to provide assistance to private developers.
One of the several requirements in the newly-platted residential development in the District is the density of residential housing is at least three units per acre.