Another of Senator Andre Jacque’s proposals has been signed by Governor Tony Evers.
The 1st District State Senator announced recently that his bill, which aimed to give the Town of Gibraltar in Door County the gap financing tool it requested to address a shortage of affordable housing, has been passed.
Prior to the passing of this measure, municipalities would be required to have a minimum of 3,000 residents in order to utilize tax incremental financing, which is used regularly in Manitowoc and Two Rivers to help businesses get the money they need to complete their projects.
Sen. Jacque explained that the new law incorporates taxpayer safeguards ensuring that the district will end within 10 years and that the development agreement includes a letter of credit that guarantees repayment of the debt service on the project costs.
He also voiced his excitement for Gibraltar, saying “I have been pleased to work with Gibraltar Town Administrator Travis Thysse to help the town construct much-needed workforce housing for the area.”
