City of Beloit Closes TID's 10 and 12

Last night at the Beloit City Council meeting, they voted to close TID’s 10 and 12. TID 10 was created on October 16, 2000 with a base value of $1,763,400. The current value as of January 1, 2021 is $385,609,100, which is an increase of $383,845,700. The closure of TID 10 adds approximately 10.18% to the Net New Construction percentage that is applied to the City's levy. TID 12 was created on September 2, 2003 with a base value of $795,300. The current value as of January 1, 2021 is $2,203,500, which is an increase of $1,408,200. All TID 12 projects have been completed and all debt service has been paid. The closure of TID 12 adds approximately .037% to the Net New Construction percentage that is applied to the City's levy. The closure of both TID’s will impact the 2023 budget by adding levy capacity and reducing the tax rate. To watch the full Beloit City Council meeting, visit https://www.youtube.com/watch?v=6lEPcjAO2Qw.