The City of Beloit closes two Tax Increment Districts.
The districts closed are TID-10, or the Gateway Business Park., and TID-12, which includes the Frito-Lay property.
A TID lets a municipality fund infrastructure and other improvements through the property tax revenue on newly developed property.
As property values rise, the increased property taxes in the TID fund infrastructure improvements.
When all the project’s costs are paid, the TID can be closed, allowing the taxing jurisdictions to collect taxes on the full value of the development.
The closing of the two TID’s will add $385.2 million in taxable properties, providing tax relief on the next property tax bill for City of Beloit residents.
