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PURCHASE OF ABBOTT LAND ENABLES NEW ECONOMIC DEVELOPMENT PROPOSAL
The Village of Pleasant Prairie intends to purchase approximately 458 acres of highly desirable land owned by a subsidiary of Abbott at the northwest corner of County Highway Q and I-94. This land, along with an adjacent property owned by the Village, is proposed to be developed as a new corporate park, Prairie Highlands, with a focus on manufacturing, office and commercial uses.
Village Administrator Michael Pollocoff explained, “Village efforts aimed at economic development over the last three decades, in conjunction with Kenosha County and the Kenosha Area Business Alliance, have sought to improve well-being and quality of life in our community and region by creating sustainable job opportunities, while growing incomes and stabilizing the local tax base. In that same vein, Village leadership has a strong desire to ensure that the last remaining developable land along I-94 in our community be reserved for its highest and best use.”
Pollocoff continued, “Since 2007, the Village has maintained a good relationship with Abbott that has yielded a high-quality site that is ready for development. Abbott has remained cognizant of the Village’s need to maintain economic development efforts for the good of the community and region as a whole.”
The Village recently approached Abbott about purchasing the property, and Abbott has agreed to sell approximately 458 acres of land adjacent to I-94 to the Village for $37,500,000, enabling its development as a new corporate park. The Village will allocate funds from its current Tax Incremental District (TID) #2 towards the purchase of the land. Plans to retire TID #2 by 2023 remain firm; its retirement will return nearly $770,000,000 to the tax roll, providing tax support to Village taxpayers and others.
The Village is proposing to create a TID #5, and the project plan for TID #5 will enable the development of the new corporate park. Current estimates place the value of TID #5 at $360,651,500 once it has reached maturity. “The new park will complement existing and planned development in the area,” explained Pollocoff. “This site is well suited to support manufacturing, office and commercial uses.”
“Pleasant Prairie and its partners have been involved in successful economic development for more than three decades. The Village was incorporated in 1989 for that very purpose,” explained Pollocoff. “Moving forward, if we’re going to be using Tax Incremental Financing as a public financing tool to facilitate economic development, we want to ensure that it has the highest return for the taxpayers that are supporting it.”
Over the past decade, Abbott, the Village and its partners have worked to prepare Abbott’s 458-acre site and the surrounding corridor for future use and development. This effort included work to improve roadways, expand interchanges and facilitate development of surrounding areas to attract business investment. Since these improvements to the corridor, ULINE has relocated its corporate headquarters to the area, Premium Outlets shopping center has expanded and there has been additional office and industrial growth north along I-94.
The Pleasant Prairie Plan Commission will consider proposed plans for the project during a regularly scheduled public meeting on Monday, February 27. An agenda and related documents for the meeting are posted on the Village website at the following page.
The Village Board will subsequently consider proposed plans and related documents at a public meeting on Monday, April 17. An agenda and related documents will be posted here as the meeting draws near.