Joint Review Board Annual Meeting - December 15, 2025

The Joint Review Board of the City of Altoona met on Monday, December 15, 2025, at 1:30 P.M. in the Council Chambers at Altoona City Hall, 1303 Lynn Avenue. The board reviewed the annual PE-300 reports and status of Tax Incremental Districts No. 3 and No. 4, reappointed the public member and chairperson, approved the prior year's minutes, and approved the annual compliance resolution. All votes were unanimous.

Consent Calendar

• Mark Willer was reappointed as the public member for another year.
• Mayor Brendan Pratt was appointed chairperson.
• The board approved the minutes of the December 11, 2024 annual Joint Review Board meeting.
• The board approved the "Resolution Acknowledging Filing of Annual Reports and Compliance with Annual Meeting Requirement."

TID No. 3 Annual Report

• Ehlers advisor Peter Meidel reported that TID No. 3, a blight district created in 2001, was terminated in 2025; 2025 was its final revenue collection year, and the increment is being directed to the affordable housing fund.
• The district was characterized as very successful: its base value was about $4.8 million and its January 1, 2024 value was about $393 million.
• 2025 tax increment revenue for the affordable housing fund is $6,251,310; total projected 2025 revenue is about $6.6 million including interest.
• Final-year expenses include a 2016A note payment, an escrowed 2026 payment, and an estimated utility extension payment that is still being negotiated with the contractor.
• After expenses, roughly $4.451 million remains for distribution to taxing jurisdictions: about $848,000 to Eau Claire County, about $1.5 million to the City, about $190,000 to CVTC, and about $1.8 million to the School District.
• A final audit is required before June 30, after which all remaining cash will be distributed.
• Meidel noted that closing TID No. 3 frees capacity under the 12% statutory limit for new TIDs and that TID No. 4 is about 4% of equalized value. He also mentioned anticipated January legislation for housing-specific TIDs that could provide flexibility for future housing, including possibly on the 80-acre development.

TID No. 4 Annual Report

• Meidel said TID No. 4 is strong and cash-flowing well. It is a mixed-use district with a maximum life of 20 years.
• Base value is about $7.6 million; January 1, 2025 value is about $56.8 million, with roughly $3 million to be removed through a prior-year statement of correction.
• Audited financial statements show a negative fund balance of about $1,386,400, largely from the TID's proportionate share of a Safe Drinking Water Loan for well-related projects.
• The district generates about $900,000 in annual increment plus about $173,000 in other revenues; the largest expense is the Safe Drinking Water Loan, with a balloon payment in 2029.
• Projected cumulative cash balance by revenue collection year 2027 is about $2.3 million, and Meidel said the TID could close in 2027 or, at the latest, 2028. The expenditure period is complete.

Key Outcomes

• All four motions passed by unanimous voice vote: reappointment of Mark Willer, appointment of Mayor Pratt as chairperson, approval of the December 11, 2024 minutes, and approval of the annual PE-300 report/resolution.
• TID No. 3's final distribution to taxing jurisdictions awaits the final audit.
• TID No. 4 is expected to terminate early, likely in 2027 or 2028.
• Affordable housing extension funds from TID No. 3 have no sunset and may be used for a future community housing program; the City is developing that program.
• Mayor Pratt thanked board members for their partnership during TID No. 3's long-term success.