City of Owen, WI
TIF District #4 Revenue Projections
Description of Area
The area consists of several distinct zoning districts which are shown on the TIF #4 map.
The North Industrial Park is the traditional district for manufacturing and industrial business in the city of Owen. This area is the driver for the rest of the TIF. Resting along the CN rail line, this area has seen recent growth in excess of $9-10 million with an assessed value around $6 million. There is still room for more investment in this area with the former Owen Manufacturing (OMI) facility being vacant. Remaining vacant area including OMI is approximately 40 acres.
The Countryside Estates is situated on the East side of County Road D and is currently zoned as R1 Residential. This has been planned for future single family housing. This residential district contains 120 acres of which approximately 100acres are buildable. It has some potential for light industry in the future on the East end of this district. This would require a change to the local Comprehensive Plan as well as Zoning Maps.
The East Side Commercial Park has 38 acres and is located adjacent to Highway 29 at the County X Interchange. This has very good visibility to the four lane highway with easy access in both directions. A small portion of this area is affected by wetland areas. It is bordered to the East by WI DOT property that is designated wetland mitigation property.
The Clark County Agribusiness Park is situated on the South side of Highway 29 with easy access to the County X Interchange. This is the keystone piece to the TIF #4 and due to its’ location will be a benefit to the whole region. It consists of over 150 acres of highly visible area. Currently the City of Owen owns 71 acres. The Central Wisconsin Agribusiness Innovation Center will be located in this area adjacent to Highway 29.
100% of the tax revenue generated from the TIF #4 would be distributed to the City of Owen until 2027 because all of the property is in Owen TID #4. After 2027 the tax revenue would be distributed to all taxing jurisdictions based on tax rates at that time.
The projections to follow are conservative estimates regarding development of the TIF #4 for the districts described above. Much interest has already been made public in several of these areas which will be presented in another section. Through these letters of interest/intent, the city is attempting to show the potential of the district to be the key development tool for this area.
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North Industrial Park
46 acres +/- remain available. (Former OMI property)
28-35 acres buildable (can be divided)
50,000 sq. ft. building with rail spur easily accessible
Current assessed value of $350,000 for the whole property.
Potential additional TIF value:
As single large industry: $3-8 million
As multiple smaller lots (4-6 valued at $2.5 m. ea.) $10-15 million
Estimate of TIF value $6 million
Total new jobs: 50-100
Tax Revenue Generation
City of Owen 2007 tax rate= $29.48 per $1,000 assessed value
Total tax generation at $6 million assessed value = $176,880 per year
Countryside Estates
100 acres available (vacant farmland)
Approx. 150 .5 acre lots potential development
Currently city owned, no assessed value
Projected assessed value of average lot, $125,000
Estimated 40 lots to be developed in TIF
Estimated TIF value of $5 million.
Tax Revenue Generation
City of Owen 2007 tax rate=$29.48 per $1,000 assessed value
Total tax generation at $5 million assessed value = $147,400 per year
East Side Commercial Park
38 acres total, 32 developable, balance wetland
Potential to be divided into 4-8 parcels
Current interest in purchase of whole park*
Divided it could produce 6 business lots
Average of $2.5 million per lot = $15 million potential assessment
*As single development could see $10 million assessment (very conservative)
Tax Revenue Generation
City of Owen 2007 tax rate = $29.48 per $1,000 assessed value
Total tax generation at $10 million assessed value = $294,800 per year
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Clark County Agribusiness Park
71-acre agribusiness park
60 buildable acres
12 lots of 5 acres each
12 office/light industrial buildings @ $125 per square foot
Each building = 20,000 square feet
Total value of each building = $2.5 million
Total value of development = $30 million
The development could generate 1 employee per 1,000 square feet
Total new jobs = 240
TAX REVENUE GENERATION
City of Owen 2007 tax rate = $29.48 per $1,000 of assessed value
Total tax revenue generation = $884,400 per year
TAX REVENUE DISTRIBUTION
Here is the tax revenue distribution based on 2007 tax rates:
State of Wisconsin 0.777% $ 6,876 per year
Clark County 30.401% $268,865 per year
City of Owen 29.850% $263,991 per year
Owen-Withee School District 32.296% $285,622 per year
Technical Schools 6.676% $ 59,046 per year
TIF #4 Annual Revenue Projections for all Zoning Districts
Projections are annual tax revenue per year through 2027. These are assumptions based on potential and proposed development. These projections are made conservatively and should not to be considered as factual. The actual amount of tax receipts will be based on future development. These figures do not include previous development in TIF #4.
North Industrial Park: $176,880
Countryside Estates: $147,400
East Side Commercial $294,800
Clark County Agribusiness Park $884,400
Total Projected Annual Revenue $1,503,480
Total value of new development to reach these projections is $51 million.
Actual value of development required to recover all expenses is approx. $30 million.
These figures are projections and actual results will vary.
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