Point looks to create new development
By Gene Kemmeter
The city of Stevens Point needs to increase new construction each year by $35 million to $36 million to enable a 2-percent hike in its annual budget in order to maintain existing services and infrastructure.
Comptroller-Treasurer Corey Ladick told the Common Council Monday, Aug. 7, about the Fiscal Impacts of Land Use Policy that he developed based on the city’s reliance on property taxes to fund local services and the need to develop a sufficient tax base to support city services and capital replacement.
He talked briefly about the policy at the meeting and expanded upon it for The Gazette Friday, Aug. 11.
The Wisconsin Legislature has imposed levy limits on property taxes throughout the state, Ladick said, and allows the levy to increase on “Net New Construction” only, which is the growth in tax base due to new construction, minus demolitions.
That means there’s no levy increase without new construction, not even an allowance for inflation.
If the new construction increases the cost of providing services, the city has to find ways to finance the increased costs without additional taxes, he said, particularly the costs for road maintenance and construction
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