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City, downtown businesses, consider Business Improvement District

Metro Wire Staff

City leaders will hold a public information meeting this month to discuss the potential creation of a downtown business district.

The City of Stevens Point and Stevens Point Alliance, Inc. (formerly known as the Downtown Business Association) have begun exploring the creation of a Business Improvement District.

A BID is a defined area within which businesses are required to pay an additional tax or levy in order to fund projects within the district. Beyond an additional tax, public or private funding streams are also sometimes used.

The downtown area is located within Tax Increment Finance District No. 6. According to city documents, the downtown TIF has been subsidized with over $2 million in transfers from neighboring TIF districts during recent years.

The public is invited the attend the 6 p.m meeting on Jan. 27 to learn how BIDs work in other cities, and how it could affect property owners inside and near the proposed district.

The meeting will be held in the Community Engagement Room 635 at Mid-State Technical College, 1001 Center Point Dr.