The Wall Lake City Council is exploring the potential of designating a new Urban Renewal area following the recent sunset of a previous district. According to Administrator, Chris Rodman, the prior area encompassed the southwestern portion of the community, including Cookies Food Products, Inc. and businesses in downtown. He says the proposed area will incorporate a larger swath of town to account for new construction.
Rodman adds the council is just beginning to look at the borders for the new district, and it is possible the borders could be adjusted to match their projected needs. By creating an urban renewal area, the city can recoup property taxes from the district through tax increment financing (TIF), which can then be used on community projects or programs. Rodman says Wall Lake made great use of the TIF funds generated from their previous district.
The council has also used TIF funds to resurface streets in town, rebuild a portion of the community’s electrical system, install a new water well and much more. By creating a new district, Wall Lake will be able to continue those programs and pursue additional improvements. Rodman says this is a months-long process that will involve multiple council discussions and public hearings, and he expects it will be a common item on the agenda through the summer and into the fall.
