TID 5 annual report shows downtown gains; Swiderski, First State Bank projects advancing

The Joint Review Board approved the 2024 annual report for Tax Incremental District 5, the downtown TID that has seen multiple development projects and major street reconstruction. Chad Hertz told the board that TID 5 has been the most active district, backing projects that include the multi-level apartment complex on the Wolf River (a 98-unit project the developer expects to open in early 2026), a completed First State Bank project, and negotiated development agreements for a combined two‑lot project at Wyman and Wolf River Avenue that would yield paired six‑unit apartment buildings with first‑floor retail on the northern parcel. "We were lucky enough to get STP Urban Grant with that project as well," Hertz said, noting the North Water Street reconstruction totaled about $3.5 million and the grant covered roughly 75 percent of the cost. Staff reported bringing $699,000 of ARPA funds into the TID to reduce borrowing; 2024 capital expenditures were described at roughly $810,000 and total 2024 expenditures around $1,075,000, leaving the district with a negative $31,000 at year end. Board members clarified a misstatement during the presentation about starting fund balance; staff acknowledged the report’s figures were correct. The board moved and approved the annual report; payments to First State Bank’s development agreement are expected to begin this year, with payments to the Swiderski agreement anticipated next year, staff said.