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BONDS ISSUED THROUGH PLEASANT PRAIRIE'S TID #2 TO ENABLE LAND PURCHASE FOR NEW PRAIRIE HIGHLANDS CORPORATE PARK
On Monday, May 1, 2017, the Pleasant Prairie Village Board authorized the issuance of two general obligation bonds that will enable a land purchase to develop the new Prairie Highlands Corporate Park. Through the Village’s Tax Incremental District #2, the Village will issue one general obligation promissory note in the amount of $16,375,000, which will be paid down by 2020, and one shorter-term general obligation promissory note for $21,570,000 that will be paid down with proceeds from an upcoming land sale.
The majority of the borrowed funds will be used to purchase approximately 458 acres of land at the northwest corner of County Highway Q and I-94. This land, along with adjacent property owned by the Village, will become a new corporate park, Prairie Highlands, with a focus on manufacturing, office and commercial uses.
As part of an agreement also approved by the Village Board on Monday, May 1, the Village will use $2,500,000 to pay the Wisconsin Department of Administration and $1,300,000 to pay the Kenosha Area Business Alliance to satisfy liens on adjacent property owned by the Village. The agreement will grant the Village sole responsibility and discretion to determine what infrastructure and improvements are needed to maximize the amount of funds received from the sale of the property and what types of future development may occur there.
Debt from the bond issuances will be paid down with proceeds from land sales within the TID and with taxes paid by businesses within the boundaries of TID #2. Property taxes collected from the general population (properties outside of the TID boundaries) are not used to pay for any TID improvements, programs or debt.
Village Administrator Michael Pollocoff explained, “This agreement and the issuance of these bonds are a continuation of efforts over the last three decades aimed at economic development that have sought to provide financial balance and stability for our community and region while improving quality of life for our residents. Village leadership maintains 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. In the same vein, we want to ensure that all TID expenditures have the highest return for taxpayers.”
Additional information is available in the May 1 2017 Village Board e-packet by clicking here.