The Two Rivers City Council has approved $20,000 in Tax Increment District (TID) grants for two local businesses.
The grants, $10,000 each, are for the former Krajnik Chevrolet property located at 2015 Jackson Street and the former Luigi’s Pizza property located at 1033 22nd Street.
The Jackson Street project is expected to cost a total of nearly $30,000, while the 22nd Street project is estimated at just under $500,000.
City Manager Greg Buckley says the former Krajnik building will get exterior improvements.
As for the Luigi’s property, Buckley tells Seehafer News, “The $10,000 grant will assist with capital improvements and capital equipment. There will be about a $100,000 match in investment into that property.”
These grants aim to aid in the construction or renovation of business facades in accordance with the Design Committee of Two Rivers Main Street.
Additionally, terms of TID grants require the given amount to be matched by a recipient, meaning both projects must spend a minimum of $20,000.
In the 2024 budget for Two Rivers there was $30,000 allocated for TID grants.
In a TID, property owners within the district continue to pay equal property taxes as those outside a district.
However, when tax collections go above a predetermined base value, the excess is placed into a fund that is used for projects such as the two awarded at this week’s Two Rivers City Council meeting.
