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City extends TIDs to support affordable housing project

Sturgeon Bay Mayor David Ward says the city has limited options when it comes to supporting affordable housing projects within its limits.

 

The city used one of those tools during the Sturgeon Bay Common Council meeting last Tuesday, when it approved extending Tax Increment Districts 2 and 3.

 

According to the meeting agenda packet, both TIDs have fully recovered their project costs but still have some outstanding debt. That debt could be paid off now, as there are sufficient funds available in the debt service accounts.

 

The TIDs can only be extended for up to one year. During that time, an estimated $1,542,745.87 for TID 2 and $101,808.30 for TID 3 could be collected.

 

Ward says the city needs to use the tools at its disposal to support the need for more housing stock in the community.

 

 

 

The Sturgeon Bay Common Council also weighed in on two other housing projects during the meeting, including extending a land purchase agreement deadline for a potential Cobblestone Hotel.

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