A developer whose company went belly up after he persuaded a small Wisconsin village to take on millions of dollars of tax increment finance debt for a resort has been sentenced to five years of supervision on a related charge of theft by contractor.
About a quarter of the local governments in Wisconsin that have tax-increment finance districts have maxed out their ability to use it for attracting businesses and encouraging development.
Oshkosh may have been the inspiration for a bailout law for failing tax increment financing districts, but city officials now are wondering if amendments to the original proposal will prevent them from taking advantage of the help.
State officials passed several bills this year and last that loosened tax increment finance laws, but various city officials testified Thursday that the changes did not go far enough.
A member of a state committee mainly charged with simplifying Wisconsin’s tax-increment-finance laws is calling for greater restraint in the use of the economic-development incentive.
A Milwaukee panel gave preliminary approval Tuesday to amending its Reed Street Yards tax increment financing district to include as much as $7.1 million in additional investment.