EDB to offer residential incentive program
By Kris Leonhardt
MARSHFIELD — Marshfield will soon launch an incentive program to address housing needs within the city.
Marshfield’s Economic Development Board (EDB), working in conjunction with Marshfield Utilities, the city’s wastewater department, and Wood County, will offer stimulus money to home builders to encourage new housing development in Marshfield.
“What the Economic Development Board did is they looked at a number of criteria,” said Marshfield Director of Development Services Jason Angell. “They wanted to establish enough funding to support the development of 30-40 homes, so I’ve been scrambling talking to bankers, builders, realtors, developers, homeowners that are looking to build. They are all really excited about the opportunity. … Our bankers are really interested in it, and all of the feedback we’ve gotten this far is positive.”
“For a home that has an assessed value of $150,000 or less, they would be eligible for a 5 percent incentive payment,” explained Angell. “The assessed value of $150,000-$175,000 gets you a 4 percent, $175,000-$200,000 is 3 percent, anything over $200,000 is a 2 percent. … Maximum for any category is $7,500.”
The incentives will address a housing deficiency in single-family dwellings in the $125,000-$200,000 price range. Angell also stated that there are 222 vacant residential parcels available in the city with 80 percent of them ready for development.
The program is scheduled to begin on June 1, and the EDB and Marshfield Utilities will cover the necessary funding in 2017. The $300,000 over the next two years would come from investment partners, including the city of Marshfield and Wood County. The city’s portion would be sought as part of the 2018 budget.
The costs of the program would be paid back over time by tax collection and monthly utility bills once home construction is completed.
Angell said that this is the first time a project like this has been offered in the city.