Tax Incremental Financing Joint Review Board Annual Meeting - August 4, 2026

Note: The user-provided date is August 4, 2026, but the minutes and transcript indicate the meeting occurred on Monday, July 27, 2026, at 3:30 PM. This discrepancy is acknowledged.

The meeting was called to order at 3:30 PM by Nathan Mielke (Manitowoc Public School District). Roll call was taken with five members present: Maurer, Alfred, Soodsma, Mielke, and Martell. Staff present included Adam Tegen (Community Development).

Consent Calendar

• Approval of Minutes: The minutes from the July 31, 2025 meeting were approved by a voice vote. Motion made by Alfred, seconded by Mielke, carried unanimously (5-0).

Discussion Items

• Annual Review of Active Tax Increment Finance Districts: Sean Alfred (Finance Director) and Adam Tegen reviewed the financial reports for each district. A summary of each district's status and projections:
  • TID 16 (North Side/Downtown): Negative balance (~$500,000) due to debt from Miro site cleanup and demolition. Increment is growing, and a former cost-sharing agreement with TID 17 is helping. Expected to close by 2030, possibly sooner. Major expenditures stem from a $2 million EPA grant (reimbursable). A 100% guaranteed apartment project is mobilizing on the Miro site.
  • TID 18 (Former Elks Club golf course): Recovering after a large expenditure for the Bay Shore Trail bike path extension. Community First Credit Union and other new construction will generate additional increment. Debt and minimal ongoing expenses remain.
  • TID 19 (Downtown South): Healthy with low debt and positive cash flow. Potential projects include Franklin Street reconstruction and continued basic improvement programs. No major concerns.
  • TID 20 (Lakeside Foods/30th Street corridor): Positive balance with development incentives tied to increment. No debt, healthy performance expected throughout its life.
  • TID 21 (ITEC Park/Industrial Park): Healthy with five pay-as-you-go development agreements. Minimal debt (~$80,000). Identified as a potential donor district if needed to support other TIDs.
  • TID 22 (River Point): High debt from upfront bonding for infrastructure and cleanup. Development agreements with River North (apartments) and Redo Homes (condos) are moving forward. The city's general fund will backstop any negative performance, so no risk to other entities.
  • TID 23 (Southwest Quadrant): New district driven by FedEx and city-acquired land. Small development agreement, bond for future infrastructure, and a hotel incentive. Waiting for development to trigger expenditures.
  • TID 24 (Former Lakeshore Mall): 35-acre site with a master development agreement with Tide Corps Build. Expected to bring 43 single-family homes, 170 apartment units, and three commercial outlots. Bonding for acquisition and demolition, with a pay-as-you-go agreement structured to prioritize bond repayment. A regional pond for flooding and water quality was also constructed.
• Potential New Districts and Amendments: Alfred noted early discussions on amending TID 19 boundaries to include more downtown property, and a possible new TID south of Menards (west of I-43) for a large undeveloped area. No formal proposals yet.
• Discussion on Former Madison Property: In response to a question from the school district representative, Tegen confirmed that no TIF proposal has been submitted for the former Madison School property; proposals are due Friday, and the city is not actively considering a TIF there.

Key Outcomes

• Approval of Annual Financial Reports: Motion by Maurer, seconded by Soodsma, to approve the annual financial reports for all active TIF districts. The motion carried unanimously (5-0).
• Adjournment: Motion by Maurer, seconded by Martell, to adjourn at 3:53 PM. Carried unanimously (5-0).