Village of Shorewood Business Incentive Fund
Tax Incremental District No. 1
The Village of Shorewood established the Business Incentive Fund for Tax Incremental District (TID) No. 1 in 2007. This fund is intended to be used to improve properties and enhance the tax base within the TID. Businesses and property owners are eligible for low-interest loans to finance business expansion or start-up projects. Loan funds that are repaid to the Village will be used to assist other businesses within TID No. 1.
The Business Incentive Fund was established to increase the tax base of TID No. 1 through the retention and expansion of existing, and the development of new, small businesses. The Fund is also intended to provide assistance to business owners who wish to purchase property within the TID. Small- and medium-sized businesses often lack the necessary capital to develop or expand their operations, and, as such, this lack of capital has a significant impact on the local tax base.
Eligible applicants for the Business Incentive Fund are business establishments or property owners located in TID No. 1 or those that will locate in the TID as a result of loan fund financing. These applicants must demonstrate that they are unable to access the financing necessary for the business or real estate project through conventional sources.
The monies in the Business Incentive Fund shall be the property of the Village of Shorewood Community Development Authority (CDA) and funding decisions relative to loan applications shall be made by the (CDA), except that any member of the CDA, who so desires, may request that a specific funding request under consideration be forwarded to the Village of Shorewood Board of Trustees for a final decision. Village staff, with assistance provided by the Southeastern Wisconsin Regional Planning Commission (SEWRPC), shall be responsible for day-to-day administration of the program.
Businesses that are interested in applying for financing should contact Jim Plaisted, c/o Village of Shorewood, 3930 N. Murray Avenue, Shorewood, Wisconsin 53211. A copy of the loan application and a list of the supporting documentation needed for each application are included as Attachment A to this plan. Following the submittal of the application, Village staff will examine the application and supporting documentation for completeness and make a determination within 20 working days on whether or not the proposed project conforms with the standards and policies as set forth in this plan.
Once Village staff has completed its review of the application, the applicant business will be informed of any deficiencies, and requested to amend the application, if necessary. Upon receipt of a completed application, the application will be forwarded to the CDA for consideration together with a staff funding recommendation.
Click here to learn more and download an application.