PLANNING TO CREATE PRAIRIE HIGHLANDS CORPORATE PARK PROCEEDS
WORK ON TIDS #2 AND #5 MOVES FORWARD WITH UPDATED FINANCIAL PROJECTIONS
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. On Monday, April 17, the Village Board considered and approved two similar resolutions with updated financial projections that will keep the project moving forward.
The Village has proposed a sixth amendment to the project plan for its existing TID #2. 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 $54,161,071 (a decrease from the $55,312,946 presented at the April 3 Plan Commission meeting). These project costs are expected to be offset by $33,302,000 of land sale proceeds, so that the increased net cost as a result of TID #2 Amendment #6 is $20,859,071. Previous plans to retire TID #2 by 2023 remain firm, and the TID will retire on schedule. Its retirement will return nearly $681,259,800 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. TID #5 will provide funds to complete infrastructure improvements. Anticipated project expenses for work detailed in TID #5 are now estimated at $54,862,500 (an increase from the $53,280,892 presented at the April 3 Plan Commission meeting). Current estimates place the value of TID #5 at $307,308,400 once it has reached maturity. The Village is proposing to retire TID #5 during 2033.
A Joint Review Board is expected to consider the information on May 1. If approved by the Joint Review Board, the information will be forwarded to the State Department of Revenue.