Tax Incremental District No. 10
The Pleasant Prairie Plan Commission has approved the Boundaries and Project Plan for Tax Incremental District No. 10 (TID 10). The new District replaces TID 9, which was rescinded due to a delay in meeting the Wisconsin Department of Revenue certification deadline. TID 10 aims to attract new industrial businesses, spur economic development, and create jobs. It covers approximately 418 acres of land, generally located north of 104th Street, south of Bain Station Road, east of the Canadian Pacific Railroad, and west of the Union Pacific Railroad.
The TID 10 Project Plan is substantially similar to the TID 9 project, including the same properties and boundaries. TID 10 will finance public infrastructure improvements that will help the redevelopment of the former power plant site and the community. Proposed improvements include a future roadway, stormwater and sanitary sewer management systems, a water main loop, a private roadway, a multi-use path, sidewalks, and intersection enhancements.
Over the lifespan of TID 10, the District will collect sufficient value to finance and cover the proposed public improvements in and around TID 10. The total improvement cost attributed to TID 10 is estimated at $20,563,958, including design, construction, financing, administration, and other expenses. Dermody Properties intends to develop 198 acres of TID 10 and has agreed to fund a portion of the public and private infrastructure improvement costs through a Private Municipal Revenue Obligation estimated at $7,768,958. The privately financed improvements are eligible for reimbursement by TID 10 following building construction.
The approval process to create TID 10 is done in three phases and requires approval from the Joint Review Board (JRB), Village Plan Commission, and Village Board. With the completion of the Plan Commission public hearing for the proposed creation of TID 10 and the Project Plan, TID 10 will go before the Village Board for approval and then move to the second and final JRB meeting to create TID 10.
"The TID 10 project is a continuation of the Village's commitment to attracting quality development and creation of jobs," explained Pleasant Prairie Community Development Director Jean Werbie-Harris. "The developer funded TID 10 will provide financing for public infrastructure improvements that will redevelop a portion of the former power plant site and benefit the entire community by providing opportunities for business growth, diversifying the local economy, and enhancing the community's overall economic health."
