The City of Beloit looks to increase local job creation and retention by proposing the creation of a Tax Increment District to prepare for future development in the Gateway area.

Economic Development Director Drew Pennington says a previous TID district that funded the creation of the Gateway Business Park created an additional $384 million in property values in the City.

Pennington says the City expects to designate the district as suitable for mixed use development, including potential for commercial, residential, or manufacturing development.

The creation of the TID will be considered at a Joint Review Board meeting on April 5th, and a public hearing will take place at the Plan Commission meeting later the evening of April 5th.

Pennington says it will ultimately require City Council approval.