Superior council terminates two special tax districts
Tax increment district closures have added more than $75 million in value to the city's tax rolls since 2021.
SUPERIOR — The Superior City Council added more than $20.4 million in new value to the tax rolls Wednesday, April 5.
Councilors approved terminating two tax increment districts years ahead of schedule.
The districts include the Interstate Industrial Park in North End created in 1996 and the area south of the former Blaine and Central schools north of Belknap Street and east of Grant Avenue created in 2008.
The industrial park district was originally expected to close in 2030, and the Blaine-Central district was projected to close in 2038.
The closures will allow Douglas County, the School District of Superior and Northwood Technical College to benefit from tax collections based on the new value created from redevelopment of those areas of the city, reducing the burden on property owners in the city.
Each of those taxing entities will also benefit from remaining revenue once all obligations are paid based on an audit of the districts. Proceeds will be divided among the city and other taxing authorities in proportionate shares.
This year, city officials will distribute the remaining proceeds of another tax increment district that closed in 2022, according to Jason Serck, economic development, port and planning director.
Since 2021, the city has terminated four tax increment districts that created more than $75 million in new value in Superior.
In other business, councilors:
- Granted a total of $46,784 in small business grants to Mags Auto Service, Superior Collision, Off We Pop LLC and Twin Ports Built LLC.
- Amended the zoning code to allow residential development as a special use in manufacturing districts.