The Board of Commissioners of Public Lands (BCPL) approved two State Trust Fund loans totaling $650,000 for the city of Lodi.
According to a press release, the loans will finance two Tax Incremental District #4 economic development projects – one for $500,000 and the other for $150,000.
Julie Ostrander, director of administration for the city of Lodi said the loans will go toward the construction and expansion of both the Lodi Veterinary Hospital and Lodi Industrial Properties, LLC.
Tax incremental districts are public financing methods used as a subsidy for redevelopment, infrastructure or other community-improvement projects.
Board Chair Brad Schimel and Commissioner Doug La Follette voted in favor of the loans, while Commissioner Matt Adamczyk voted against them, according to the release.
The Board also approved loans for other Wisconsin communities, all totaling $1,800,000.