Boundaries Established for Tax Incremental District No. 9
On August 8, the Village Board approved Resolution 22-28, designating the Boundaries and Project Plan for DPML 95th Street, LLC (Dermody Properties) Tax Incremental District No. 9 (TID 9). The property in the District has industrial-related land use designations, with land comprised of 17 parcels, generally located between 80th and 88th Avenues and 85th and 107th Streets. The new District intends to attract new industrial businesses, spur economic development, and create jobs.
"The proposed TID 9 will aid in bringing new industrial development to the area and includes a portion of the former We Energies Power Plant, with additional surrounding properties that total approximately 417 acres," explained Kathy Goessl, Interim Village Administrator. "The developer-funded TID will provide financing for public infrastructure improvements that will not only benefit the redevelopment of the former power plant site but will also provide benefits to the entire community."
Proposed public infrastructure improvements for TID 9 include extending 80th Avenue north from 95th Street, ending in a cul-de-sac with stormwater and sanitary sewer management systems. Other improvements include a water main loop and a private roadway from Bain Station Road south to provide an alternate emergency access route. Additional projects include a multi-use path on 95th Street, sidewalks along 80th Avenue, several intersection enhancements, and Bain Station Road connection with 85th Street at Green Bay Road.
Over the lifespan of TID 9, the District will collect sufficient value to finance and cover the proposed public improvements in and around TID 9. The District takes the debt and finance cost burden for public improvements off the taxpayers. The total improvement cost attributed to TID 9 is estimated at $16,945,000, including design, construction, financing, administration, and other expenses. Dermody Properties intends to develop 198 acres of TID 9 and has agreed to fund a portion of the public and private infrastructure improvement costs through a Private Municipal Revenue Obligation (MRO), estimated at $6,845,000. The privately financed improvements are eligible for reimbursement from TID 9 following building construction.
The approval process to create the Tax Incremental Financing District for TID 9 is done in three phases and requires approval from the Joint Review Board (JRB), Village Plan Commission, and Village Board. The first JRB meeting was held on July 12, 2022. The Plan Commission held the public hearing on the proposed creation of TID 9 and the Project Plan on July 18, 2022, and the Village Board approved the TID 9 proposal on August 8, 2022. The second and final JRB meeting to create TID 9 will take place on August 23, 2022.
TID 9 Boundaries Map
