Wisconsin Capitol Building at night during Chrismas. MWC file photo by Mike Leischner
MADISON, WI (WSAU) — Lawmakers in both the Senate and Assembly held a public hearing on Thursday for a bill that would allow the city of Stevens Point to keep more tax increment funding in the 14th district.
Shankland says Assembly Bill 983 is part of an effort to lure a European snack food company to the city’s business park that would bring a $40-50 million windfall to the city and region.
“It would create 150 good-paying jobs and support our local Wisconsin producers,” said Shankland.
Among those who spoke out in support of the measure were stakeholders from local agriculture, trucking/logistics companies, construction, economic development, and local government. She says letters of support were also submitted by local school districts and colleges.
The plant would process between 10,000 and 20,000 acres worth of potatoes annually. Shankland did not name the company but noted that the city is in a good position to close the deal.
Multiple stakeholders from the city and business community were on hand to support the bill. Shankland notes that the text was modeled after a similar exception made for the Village of Oostburg back in 2017. “Obviously, I work across the aisle all the time to get things done. So I mirrored this legislation after a bill that passed unanimously that helped Oostburg lure a national cheese supplier,” said Shankland. “I felt that the hearing went really well and I remain committed to strengthening Central Wisconsin and our state [through] economic development and supporting our agricultural heritage.
“This is a pro-Wisconsin jobs and a pro-Wisconsin farmers bill. We are going to do everything we can to get it across the finish line,” added Shankland.
The Democrat worked alongside Republican Senator Patrick Testin and Republican Representative Scott Krug of Nekoosa to draft the measure. Tomahawk’s Calvin Callahan (R), Beloit’s Mark Spreitzer (D, Senate minority caucus Vice-Chair), and Racine Senator Van Wanggaard (R) have also signed on to the measure as co-sponsors.
Wisconsin laws cap the amount of tax increment financing that can be spent on projects in a district at 12%. The bill creates a one-time exception that would allow the city to keep up to 15% of the value of the district for special projects including a rail spur, sewer and street updates, and the installation of stormwater infrastructure.
The special exemption would sunset with the scheduled closure of the district, which is set for no later than 2034. After that, 100% of the tax value generated by the parcels in the district would go to the city, county, school district, and technical college.
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Shankland expects a vote on the bill before the end of the current Legislative session, meaning it’s possible that a bill signing could come later this spring.
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