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BONDS ISSUED THROUGH PLEASANT PRAIRIE'S TID #2 TO BEGIN INFRASTRUCTURE WORK FOR PRAIRIE HIGHLANDS CORPORATE PARK
On Monday, June 19, 2017, the Pleasant Prairie Village Board authorized the issuance and sale of two general obligation bonds. The bonds will be issued through Pleasant Prairie’s Tax Incremental District #2 (TID #2) and will fund the installation of infrastructure improvements for Prairie Highlands Corporate Park.
One non-taxable, general obligation promissory note in the amount of $21,400,000 will fund improvements within Prairie Highlands including site grading and the installation of water, sewer and roadway infrastructure. A second, taxable, general obligation promissory note in the amount of $4,300,000 will accommodate grading for the future site of Haribo, the German confectioner that is planning to locate its first U.S. manufacturing facility in Pleasant Prairie.
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.
Debt incurred within TID #2 is expected to be paid down and the TID retired in 2023. TID #5 was recently created to manage future investments that will complete work in Prairie Highlands. TID #5 is expected to reach maturity in 2033.
Interim Village Administrator Thomas Shircel explained, “This bonding and infrastructure work is a continuation of efforts over the last three decades aimed at economic development that have sought to provide financial balance and stability for the area while improving quality of life for our residents. The Village remains committed to ensuring that the last remaining developable land along I-94 in our community is reserved for its highest and best use so that all TID expenditures have the highest return for taxpayers.” Additional information about the borrowing is available in the June 19 2017 Village Board e-packet available by clicking here.