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PLANNING TO CREATE PRAIRIE HIGHLANDS CORPORATE PARK PROCEEDS
AMENDMENT TO EXISTING TID AND CREATION OF NEW TID MOVE FORWARD
During late February, the Village of Pleasant Prairie announced its intent to purchase land at the northwest corner of County Highway Q and I-94 to facilitate the creation of a future corporate park with a focus on manufacturing, office and commercial uses. On Monday, April 3, the Pleasant Prairie Plan Commission considered and approved two resolutions related to two separate Tax Incremental Districts (TIDs) that will help make the new corporate park possible.
The Village has proposed a sixth amendment to the project plan for its existing TID #2. If also approved by the Village Board and a Joint Review Board, TID #2 Amendment #6 will: provide funds to purchase the land that will become Prairie Highlands Corporate Park; fund a portion of infrastructure improvements (roadways, storm sewers, sanitary sewers, water, grading and storm water management) within the district; and reconcile project costs to reflect actual and proposed expenditures.
The revised project expenses for the work listed in the amendment are estimated at $55,312,946. Previous plans to retire TID #2 by 2023 remain firm, and the TID will retire on schedule. Its retirement will return nearly $770,000,000 to the assessment roll, providing tax support to Village taxpayers and others.
The Village has proposed to create a new TID #5 that will overlap with a portion of TID #2 that is located west of I-94 between County Highways C and Q. If also approved by the Village Board and a Joint Review Board, TID #5 will: provide funds to complete infrastructure improvements; provide financial incentives for development either directly to industry or to the Kenosha Area Business Alliance for grants or low-interest loans; and for the acquisition of land necessary for required public improvements.
Anticipated project expenses for work detailed in TID #5 are estimated at $53,280,892. Current estimates place the value of TID #5 at $360,651,500 once it has reached maturity. The Village is proposing to retire TID #5 during 2037.
The Village Board is expected to consider the TID proposals on April 17, and the Joint Review Board is expected to consider them on May 1. An agenda and related documents for the Village Board meeting will be posted here as the meeting draws near.