Joint Review Board Packet 07.14.2026

Steven Cherek Village Administrator / Treasurer 311 Walnut Street | P .O. Box 487 Marathon City, WI 54448 Tel: 715-443-2221 www.marathoncitywi.gov JOINT REVIEW BOARD TAX INCREMENT DISTRICTS 1 & 2 OFFICIAL NOTICE & AGENDA Tuesday, July 14, 2026 9:30 am – Marathon Municipal Center PUBLIC VIRTUAL ACCESS Join Teams Meeting: https://www.microsoft.com/en-us/microsoft-teams/join-a-meeting Meeting ID: 219 251 941 315 378 Passcode: gs7v9eE2 1. CALL TO ORDER ROLL CALL: Village of Marathon Representative, Marathon County Representative, Northcentral Technical College Representative, Marathon School District Representative, Public Representative 2. PLEDGE OF ALLEGIANCE 3. RECOGNITION OF VISITORS a. Virtual Meeting Guidelines This meeting will be recorded and available upon request b. Public Participation at Government Meetings 4. APPROVAL OF JULY 31, 2025 JOINT REVIEW BOARD MEETING MINUTES 5. REVIEW OF TID NO. 1 2026 ACTIVITIES AND FINANCIALS 6. REVIEW OF TID NO. 2 2026 ACTIVITIES AND FINANCIALS 7. ADJOURNMENT VILLAGE OF MARATHON CITY, MARATHON COUNTY, WISCONSIN JOINT REVIEW BOARD TAX INCREMENT DISTRICTS NO. 1 & 2 THURSDAY, JULY 31, 2025 – 9:30 A.M. MINUTES ________________________________________________________________________________________________________ 1. CALL TO ORDER at 9:33 am ROLL CALL: L. LEONARD, C. HOLMAN, B. SEUBERT, K. HANDRICK JR., C. RICKERT, T. VETTER Virtually present at the meeting were Samantha Fenske representing Marathon Count y and Christina Rickert from North Central Technical College. Public member Thomas Vetter attended in person. 2. PLEDGE OF ALLEGIANCE 3. APPROVAL OF MINUTES OF PREVIOUS MEETINGS a. July 22, 2024 – 2024 Joint Review Board Meeting MOTION – Approve Minutes from July 22, 2024 Joint Review Board Meeting Motion made by Rickert second by Vetter. Motion passed by voice vote. 4. REVIEW OF TID NO. 1 2025 ACTIVITIES AND FINANCIALS Administrator Cherek gave an update on TID 1. This TID was created in 2002 with a Base Valuation of $7,361,400. Total value at meeting date is $52,619,000. As of January 3, 2023 the TID reached the end of its expenditure period. No new debt or incentives can be issued. There is currently $879,249.81 in construction and engineering related expenses remaining to be paid in the TID budget. Current projects in TID 1 include a Menzner Lumber development, phase 3 power with WPS, and blacktopping the remainder of N. Business Parkway. Development Agreements with Menzner Lumber and Dollar General are expected to bring an increase of $9,070,000 in assessed value for tax year 2026, payable in 2027. The Village is going through a refinancing of the TID 1 G.O. Note, extending it to the life of the TID. Projected tax revenues and the refinancing reduce the stress of the Village General Fund and are anticipated to bring the end balance in 2035 of TID 1 to $126,773. The model presented by Cherek did not include possible future growth or development. At the close of the TID in 2035, approximately $54,021,100 or more is expected to be put on the tax roll payable in 2036. 5. REVIEW OF TID NO. 2 2025 ACTIVITIES AND FINANCIALS TID 2 was established in 2016 to promote development of the downtown area with a base valuation of $1,146,800. From the creation of TID 2 to 2024, Marathon Cheese expansion brought an increase of $6,428,700 in assessment value. The 2025 tax collection year saw a decrease of $1,459,200 in equalized value due to the WI DOR removal of Personal Property in 2024. TID 2 had $1,066,400 in Personal Property Revenue in 2023, mostly from equipment at Marathon Cheese. The Village received a Personal Property Aid payment from the state of $27,152.12 due to removal of personal property from the 2024 tax roll. Current projection for TID 2 closure in 2037 is showing a deficit of $29,008 after GF advance repayments begin in 2031. Cherek shared a projection with development on the 400 Block adding $1,940,000 in assessed value. Development would mean less advancements from the GF needed and projects a positive balance of $399,558 at close of the TID. 6. ADJOURNMENT at 10:25 am Motion to adjourn made by Vetter second by Fenske. Motion passed by voice vote. Cassie Lang Village Clerk Tax Increment Districts Village of Marathon City Steven Cherek, Village Administrator 7/14/2026 Marathon City has 2 Tax Increment Districts Tax Increment District 1 • Established in 2002 with a Base Valuation of $7,361,400 • As of 2025, the Equalized Valuation is $43,677,100 increase since the creation of TID1, for a total of value of $50,325,000 today. • How we got here?: • 2002 TID Established • 2003-2004 Initial Infrastructure Bonding & Investments • Roads, Water, Sewer, Storm Water –Business park created • Multiple Developments Occurred 2003-2009 • Business south of STH 29 – Wagner Shell / McDonalds • Development slowed 2008-2012 • Family Dental, Copper Leaf Assisted Living • 2019 – 2023 North Business Park Initial Infrastructure Bonding & Investments • January 3, 2023 End of TID 1 Expenditure Period • 2023 to current – Complete North Business Park approved and signed contracts for the expansion of the business park north of STH 29. North Industrial Park – 2026 Economic Development • Menzner Hardwoods – North Business Park Development to be completed by end of 2026 • 11.5 Million Dollar development • Expected increase in assessment value of $8,050,000 • $153,835.50 minimum revenue increase once complete used to pay for TID 1 Village Investments. • Phillips Enterprise Limited, LLC – Business Park Development to be completed by end of 2026 • $863,000 Dollar development • Expected increase in assessment value of $764,800 • $12,767 revenue increase once complete used to pay for TID 1 Village Investments. 2026 North Business Park Projects contract to be completed in 2026 TID 1 Remaining Project Budget for Loan Request - Updated 7/7/2026 2024 North Business Park Budget vs loan Request Total Expense Budget Village Paid to date Expense Remaining in Projects Kruczek Construction Contracts $3,927,156.84 $3,927,156.84 $0.00 North Ridge Road - Switlick & Sons Inc $771,173.08 $771,173.08 $0.00 2023 North Business Park Expense - Audit amount $288,916.00 $288,916.00 $0.00 Rib Fall Repair - DNR Pond Relocation $8,286.04 $8,286.04 $0.00 New Life Pet Adoption Easement $14,963.98 $14,963.98 $0.00 2024-2025 North Business Park Engineering $130,828.80 $130,828.80 $0.00 John & Candy Easement $5,000.00 $598.80 $4,401.20 WPS - North Industrial Park Lighting, Power & Gas - Menzner's $297,360.45 $212,423.13 $84,937.32 Project Contengency - Storm Drain Repairs $23,416.48 $5,341.72 $18,074.76 TOTALS $5,467,101.67 $5,359,688.39 $107,413.28 Available Balance 3/7/2025 loan amount 4148 $0.00 10/4/2024 loan balance 4150 $0.00 6/18/2026 LGIP Balance $58,708.16 Expence Remaining in Project $107,413.28 Projects Debt Proceeds balance once Project is completed ($48,705.12) Current TID 1 Financial Model - Used for 2025 TID 1 DOR Report TID 1 Growth Potential Model – using existing available Village Lot and Existing Business Expansion TID 1 – What’s Next • 2026 – Infrastructure projects approved prior to January 3, 2023 are expected to be completed (North Industrial Park Project). • With decreasing Tax Rate, Future Revenue is less. This TID expected to end in 2035 -$260,720 if no growth or tax rate change. • Increase Future Revenue Through Strategic Development, such as: • Develop the remaining Village Owned lot in the Industrial Park • Develop the Village Owned lot next to the R-Store • Promote continued growth and expansion • Partner with Menzner Hardwoods on Phase 2 Development • Promote continued Business Growth and Expansion TID 2: Downtown – 2026 Development • Stittleburg Restorative Health Care “ Integrate Functional Health” and “Whole Roots & CO” Development to be completed by end of 2026 • 2.6 Million Dollar development • Expected increase in assessment value of $1,820,000 • $32,616 yearly revenue increase once complete used to pay for TID 1 Debt. • Stittleburg Phase 2 – Has to inform the Village on or before December 31, 2029 if it will develop Phase 2 • $800,000 Dollar development • Expected increase in assessment value of $560,000 • $10,035 revenue increase once complete used to pay for TID 1 Village Investments. TID 2 Current Projected Financing. Tax Increment District 2 • Established in 2016 with a Base Valuation of $1,124,200 • TID 2 was created to promote development of the Village by promoting mixed use development. • Starting in 2016 – The Village started the project to clean up blight to promote redevelopment of the downtown – 400 block • From 2016 to 2025 – TID 2 economic development projects increase $5,286,000 in assessment value. • Marathon Cheese expansion • 2026: Stittleburg Restorative Health Care “Integrate Functional Health” and “Whole Roots & CO” • Expenditure Period to end June 16, 2031 • TID 2 termination date – June 16, 2036 Tax Increment District 2 – What’s Next • The Village is to actively promote Economic Development inside TID 2 • Focus development of the Downtown • Phase 2 – 400 Block by 2030 • Focus and Expand on other parts of Downtown Marathon City • Expenditure Period to end June 16, 2031 • TID 2 termination date – June 16, 2036 • Final Revenue Collection Year 2037 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 1 – Municipality and TID Co-muni code Municipality County Due date Report type TID number TID type TID name Creation date Mandatory termination date Anticipated termination date Section 2 – Beginning Balance Amount TID fund balance at beginning of year 37151 MARATHON CITY MARATHON 07/01/2026 ORIGINAL 001 99 TID No 1 01/03/2002 01/03/2035 N/A $188,535 Section 3 – Revenue Amount Tax increment Investment income Debt proceeds Special assessments Shared revenue Sale of property Allocation from another TID $818,220 $3,678,602 $61,762 TID number Developer guarantees Developer name Transfer from other funds Source Grants Source Other revenue Source Total Revenue (deposits) $4,558,584 Page of 1 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 4 – Expenditures Amount Capital expenditures Administration Professional services Interest and fiscal charges DOR fees Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs Real property assembly costs Allocation to another TID $810,155 $18,624 $8,603 $320,261 $150 $2,981,652 TID number Developer grants Developer name JDEM Properties $31,250 Transfer to other funds Fund Other expenditures Name Total Expenditures $4,170,695 Section 5 – Ending Balance Amount TID fund balance at end of year Future costs Future revenue Surplus or deficit $576,424 $10,057,384 $9,220,240 $-260,720 Page of 2 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Current Year TID New Construction Values TID TID New Construction Increase TID New Construction Decrease Prior Year Correction TID Net New Construction (NNC) Section 6 – TID New Construction 001 $0 $0 $-115,600 $-115,600 002 $0 $0 $0 $0 Total $0 $0 $-115,600 $-115,600 Current Year Allowable Levy Increase Attributable to TID NNC TID TID Net New Construction Prior Year Municipal Equalized Value TID Net New Construction % Prior Year Adjusted Actual Levy Allowable Levy Increase Attributable to TID Net New Construction 001 $-115,600 $228,714,800 -0.05 $912,179 $-456 002 $0 $228,714,800 0.00 $912,179 $0 Total $-115,600 $228,714,800 -0.05 $912,179 $-456 Current Year Actual TID NNC Impact to Municipal Levy Levy Increase Attributable to TID Net New Construction Increase per $100,000 $0 $0 Historical Allowable Levy Increase Attributable to TID NNC Year TID TID Net New Construction TID Net New Construction % Allowable Levy Increase Attributable to TID Net New Construction Prior Year Adjusted Actual Levy Prior Year Municipal Equalized Value 2024 001 $5,554,400 $198,616,200 2.80 $881,784 $24,690 2024 002 $-71,200 $198,616,200 -0.04 $881,784 $-353 2024 Total $5,483,200 $198,616,200 2.76 $881,784 $24,337 2023 001 $-273,900 $201,342,800 -0.14 $866,006 $-1,212 2023 002 $25,800 $201,342,800 0.01 $866,006 $87 2023 Total $-248,100 $201,342,800 -0.13 $866,006 $-1,126 Page of 3 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 7 – Preparer/Contact Information Preparer name Preparer title Preparer email Preparer phone Contact name Contact title Contact email Contact phone Steven Cherek Treasurer (715) 443-2221scherek@marathoncitywi.gov Steven Cherek Treasurer (715) 443-2221scherek@marathoncitywi.gov Submission Information Co-muni code TID number Submission date Confirmation Submission type 37151 001 06-19-2026 12:59 PM TIDAR20251013O1781816235601 ORIGINAL Page of 4 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 1 – Municipality and TID Co-muni code Municipality County Due date Report type TID number TID type TID name Creation date Mandatory termination date Anticipated termination date Section 2 – Beginning Balance Amount TID fund balance at beginning of year 37151 MARATHON CITY MARATHON 07/01/2026 ORIGINAL 002 6 TID #2 06/20/2016 06/20/2036 N/A $-301,358 Section 3 – Revenue Amount Tax increment Investment income Debt proceeds Special assessments Shared revenue Sale of property Allocation from another TID $95,108 $27,152 TID number Developer guarantees Developer name Transfer from other funds Source Grants Source Other revenue Source Total Revenue (deposits) $122,260 Page of 1 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 4 – Expenditures Amount Capital expenditures Administration Professional services Interest and fiscal charges DOR fees Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs Real property assembly costs Allocation to another TID $7,861 $30,066 $20,775 $150 $115,000 TID number Developer grants Developer name N/A $0 Transfer to other funds Fund Other expenditures Name Total Expenditures $173,852 Section 5 – Ending Balance Amount TID fund balance at end of year Future costs Future revenue Surplus or deficit $-352,950 $1,324,838 $1,799,108 $121,320 Page of 2 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Current Year TID New Construction Values TID TID New Construction Increase TID New Construction Decrease Prior Year Correction TID Net New Construction (NNC) Section 6 – TID New Construction 001 $0 $0 $-115,600 $-115,600 002 $0 $0 $0 $0 Total $0 $0 $-115,600 $-115,600 Current Year Allowable Levy Increase Attributable to TID NNC TID TID Net New Construction Prior Year Municipal Equalized Value TID Net New Construction % Prior Year Adjusted Actual Levy Allowable Levy Increase Attributable to TID Net New Construction 001 $-115,600 $228,714,800 -0.05 $912,179 $-456 002 $0 $228,714,800 0.00 $912,179 $0 Total $-115,600 $228,714,800 -0.05 $912,179 $-456 Current Year Actual TID NNC Impact to Municipal Levy Levy Increase Attributable to TID Net New Construction Increase per $100,000 $0 $0 Historical Allowable Levy Increase Attributable to TID NNC Year TID TID Net New Construction TID Net New Construction % Allowable Levy Increase Attributable to TID Net New Construction Prior Year Adjusted Actual Levy Prior Year Municipal Equalized Value 2024 001 $5,554,400 $198,616,200 2.80 $881,784 $24,690 2024 002 $-71,200 $198,616,200 -0.04 $881,784 $-353 2024 Total $5,483,200 $198,616,200 2.76 $881,784 $24,337 2023 001 $-273,900 $201,342,800 -0.14 $866,006 $-1,212 2023 002 $25,800 $201,342,800 0.01 $866,006 $87 2023 Total $-248,100 $201,342,800 -0.13 $866,006 $-1,126 Page of 3 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 7 – Preparer/Contact Information Preparer name Preparer title Preparer email Preparer phone Contact name Contact title Contact email Contact phone Steven Cherek Treasurer (715) 443-2221scherek@marathoncitywi.gov Steven Cherek Treasurer (715) 443-2221scherek@marathoncitywi.gov Submission Information Co-muni code TID number Submission date Confirmation Submission type 37151 002 06-22-2026 09:26 AM TIDAR20251013O1781897587660 ORIGINAL Page of 4 4 Marathon City – Administrator 311 Walnut Street PO Box 487 Marathon City, WI 54448 (715) 443-2221 2026 TID ACTIVITIES REPORT TID #1 Ongoing construction of Business Parkway from STH 107 to N. 152 Avenue (Phase 1 Power). Street lighting is expected to be completed in summer 2026. This is the final project for TID #1 and is part of the contracted road construction project Total 2026 construction expenditures are expected to end the year at approximately $251,862 for existing construction contracts, along with the utility expansion agreement per previously signed Development Agreements (DAs). Menzner Hardwoods Business Expansion – Project expected to be completed in fall 2026 Dollar General – Development will not proceed. The location did not meet their needs, and they were unable to secure a corporate contract. The Development Agreement included a provision allowing them to terminate the project, which they exercised. Phillips Enterprise – Development expected to be completed by fall 2026. Based on current projections, TID #1 is expected to have a negative balance of approximately $262,720 by 2035, assuming no additional growth beyond existing Development Agreements and the current tax rate remains unchanged. However, it is anticipated that additional growth will occur between now and 2035, which could significantly improve this outlook. The Village will continue negotiations with developers for the sale of one remaining lot within TID #1, while also pursuing development expansions within the district until closure.. TID #2 In 2025, the Village split a $752,950 advance between the General Fund and Utility Fund for TID #2 to cover accumulated deficits. This action was necessary due to the low fund balance in the Village General Fund resulting from prior advances to TID #2. Stittleburg Restorative Health Care – Development Agreement signed in 2026 (Integrate Functional Health & Whole Roots & Co.). Construction within the 400 block is expected to be completed in fall 2026. A Village-owned lot within the 400 block is included in Stittleburg’s Development Agreement as a potential Phase 2 of the overall development plan. The developer has until December 30, 2030, to develop Lot 2, which is currently owned by the Village. Efforts continue to attract development and enhance the Village downtown area, particularly around the 400 block.