Local

    Tax Increment Financing (TIF)

    The City has successfully utilized Tax Incremental Financing (TIF) to support numerous economic development and housing projects. TIF was used in the development of the Sun Prairie Business Park; Prairie Lakes Shopping District; and an industrial park for businesses such as Milwaukee Tool, Trachte Building Systems, SaniMatic, and a professional volleyball league (League One Volleyball). The City also used TIF to successfully revitalize Downtown Sun Prairie and create significant investment in the Main Street corridor. Most recently, Tax Increment District (TID) 16 was created to provide affordable family and age-restricted housing on E. Main St.

    Business Improvement District

    The Business Improvement District (BID) is to support the development, improvement, and promotion of the Downtown area for the economic benefit of all businesses within the District. The BID is an organizational and funding mechanism to improve and promote the Downtown area for the general social and economic benefit of the people of the City of Sun Prairie and its visitors. To ensure you’re able to take advantage of the programing and event opportunities provided by the BID, you need to be located within the geographical boundary. The BID is a self imposed special assessment which makes you eligible for a variety of programs.

    Utility Assistance

    The City of Sun Prairie with Sun Prairie Utilities and WPPI Energy maintain a series of economic development assistance programs for private businesses ranging from energy audits to equipment assistance.

    Industrial Revenue Bonds

    While industrial revenue bonds (IRBs) are issued by the state, they allow the City of Sun Prairie to support industrial development through the sale of tax-exempt bonds. The proceeds from the bond sale are loaned to businesses to finance capital investment projects at, primarily, manufacturing facilities. Even though IRBs are municipal bonds, they are not general obligations of the municipality. The company or business that will use the facilities provides the interest and principal payments on the loan. The City is in partnership with the business, lending its name, but not its credit, to the bond issue.

    State

    Wisconsin Economic Development Corporation

    The Wisconsin Economic Development Corporation (WEDC) has a nearly comprehensive list of programs and funding opportunities for a variety of business and industries - https://wedc.org/programs. The City of Sun Prairie has facilitated and worked with many of these programs and is ready to work with you to ensure you’re able to utilize these programs.

    Workforce Development Board

    The Workforce Development Board of South Central Wisconsin maintains several programs to help offset the costs of training and other efforts designed to get workers into successful employment. You can review their initiatives, career services, and business services online.

    Federal

    Rural Economic Development Grant Program (USDA)

    The Rural Economic Development (RED) Early Planning Grant Program is designed to assist rural businesses with twenty-five employees or less. Grants may only be used for professional services, such as preparation of a feasibility study, market study, or business plan.

     

    Opportunity Zone

    The Opportunity Zone Program encourages private investment in high-need areas. For census tracts to qualify for the program, they must meet one of five federal low-income criteria. If a census tract qualifies, a federal tax incentive is available to investors who bring private capital and jobs to that area. The incentive includes a permanent exclusion from capital gains if the property is held for at least ten years. Additionally, the investor can receive a tax deferral if the capital gains are reinvested in a State Opportunity Fund. Sun Prairie’s Opportunity Zone is the triangular area between the three intersections of Main St. and US 151, Main St. and N. Bristol St., and N. Bristol St. and US 151.