Pleasant Prairie Embraces Closing of Tax Incremental District No. 2
The Village of Pleasant Prairie celebrates the closing of Tax Incremental District No. 2 (TID 2 or the District) for bringing nearly $1 billion of value to the Village tax base. The District has reached its maximum lifespan of 23 years. On February 14, the Village Board unanimously approved Termination Resolution No. 22-05, authorizing the closure of TID 2. The District was created in 1999 for land associated with development and redevelopment. The project's long-term goal was to pay for expanded infrastructure in LakeView Corporate Park and diversify the Village tax base through industrial expansion and quality economic development.
"TID 2 is an excellent example of how commitment to vision, investment, and planning can be beneficial to the Village's future," explained Nathan Thiel, Village Administrator." TID 2 has brought new infrastructure, numerous jobs, and an improved tax base to the community."
The property value of the land before TID 2 was approximately $7 million. The Village invested nearly $218 million in TID 2 to provide the public infrastructure needed to develop Lakeview Corporate Parks (east and west), Prairiewood Park, and Prairie Highlands Corporate Park. The improvements within the District created new property values of nearly $1 billion, which produced new tax increment to finance public infrastructure improvements such as new roadways, storm sewers, sanitary sewers, municipal water, site grading, and fiber optic lines. TID 2 has collected sufficient funds to cover the final debt payment and administrative costs of nearly $13.5 million.
The original boundaries of TID 2 initially included property generally located west of Green Bay Road, east of the Canadian Pacific Railroad, and to the north and south of 104th Street. Throughout its lifespan, the District underwent six amendments, which helped expand TID 2 east toward 39th Avenue and west of Interstate 94.
The investment in TID 2 positively impacts Pleasant Prairie and the greater area. Numerous businesses were created in the community, bringing over 10 million square feet of buildings and generating over 4,750 jobs in the manufacturing, warehouse, distribution, retail, service, office, restaurant, lodging, and health services sectors. Overall, the District has helped keep residential property taxes at reasonable levels and increased the Village's tax base, which will provide a reliable revenue stream for many years to come.
