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Home›News›Point looks to create new development

Point looks to create new development

By STEVENS POINT NEWS
August 18, 2017
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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

To read the rest of the story, pick up a copy of the Portage County Gazette at one of the many newsstands in the area, including gas stations and grocery stores. Or subscribe at https://www.shopmmclocal.com/product/portage-county-gazette/ to have weekly copies delivered by mail.

For more information or to subscribe over the phone, call 715-343-8045.

 

TagsStevens Point constructionStevens Point developmentStevens Point news
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