On Monday, members from the city planning department will discuss the creation of a new tax incremental district, or TIF district.
It uses tax money to pay for redevelopment projects in the community.
The new district would be located around Trane's campus on Townsend Street.
La Crosse Mayor Tim Kabat said residents in the new district won't see a change in how their property is assessed.
"For the individual homeowner, they're not going to see any difference in how their property is assessed because they're in a TIF district. It just means the city is putting together this district to help finance some of the improvements that are needed to facilitate Charts growth and Trane's growth," said Kabat.
It will be the city's 15th TIF district since the first one was created in 1978.