MADISON, WI (WSAU) — A bill to create a one-time exemption to Tax Increment Finance laws for a proposed snack food plant in Stevens Point has passed 32-0 in the Senate, according to a release from co-sponsor Patrick Testin.

The measure is seen as a key piece in the effort to lure a Belgian snack food company Agristo to the East Park Commerce Center in Stevens Point. They are proposing a $40-50 million processing plant that would create up to 150 jobs.

“This is commonsense legislation that will help us attract Agristo to Stevens Point and provide a substantial economic boost to all of Wisconsin,” said Senator Testin. “It is critical for this bill to be signed into law because North Dakota is also actively trying to recruit Agristo to locate there. It would be gross negligence on our part if we didn’t take this simple step to entice Agristo to Wisconsin and take advantage of all the jobs and economic benefits they will bring with them.”

Agristo is planning to establish its first facility in North America. They create retail and restaurant potato products like fries, chips, wedges, and hash browns. according to their website.

RELATED: Public Hearing Held for Stevens Point TIF Exemption Bill

The bill would allow the city to keep 15% of the taxable property value within the district, up from the current cap of 12%. The one-time exception would not apply to any other Tax Increment Finance district in the city or state and is molded after a similar measure that was put in place in the Village of Oostburg back in 2017. Those funds would be used for special projects including a rail spur, sewer and street updates, and the installation of stormwater infrastructure within the district.

The special exemption would sunset with the scheduled closure of the district, which is set for no later than 2034. After that, 100% of the tax value generated by the parcels in the district would go to the city, county, school district, and technical college.

Representative Scott Krug of Nekoosa (R) and Katrina Shankland of Stevens Point (D) teamed up to draft the measure along with Testin. Tomahawk’s Calvin Callahan (R), Beloit’s Mark Spreitzer (D, Senate minority caucus Vice-Chair), and Racine Senator Van Wanggaard (R) have also signed on to the measure as co-sponsors.

The Assembly is expected to vote on the bill during their next floor session, which could come as soon as next week. If passed, it would then go to the Governor’s desk for his consideration.