Sturgeon Bay is a step closer to having a new tax incremental financing district to help shore up the west waterfront area of the city.
The Common Council Tuesday unanimously approved the project plan and the boundaries for Tax Incremental District No. 4.
In a related move, aldermen approved of a plan to take six parcels out of adjacent TID No. 2 and add them to TID No. 4.
Tax increment financing is a funding tool which allows municipalities to use anticipated gains in future property tax revenue to pay for improvements needed for the redevelopment.
The city adopted the West Waterfront Area Redevelopment Plan & Implementation Strategy in September 2011 to revitalize the waterfront area on the west side of the city between the two downtown bridges.
Some of the proposed developments include a four seasons market, brew pub and restaurant, franchise brand hotel along with a mix of commercial and residential space.
The TID 4 No. 4 project plan still needs the approval of the Joint Review Board.
