What's News in Pleasant Prairie, Wisconsin
Tax Incremental Districts
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The Tax Incremental District (TID) portion of the Village budget operates independently of the other areas (General Government and Enterprise Funds). The Village currently has two established Tax Incremental Districts. TID #2 ranges from Hwy 31 to west of I-94. It contains specific properties, including: Uline’s corporate campus, parcels in LakeView Corporate Park and land owned by Abbott Laboratories (and others) west of I-94. During 2011, TID #2 received payment from the State of Wisconsin related to the State purchase of the I-94 frontage roads in the Village.
TID #4, is a smaller, developer funded, district located at the southeast corner of 22nd Avenue and 91st Street. In TID #4, the removal of contaminated soils was completed in 2008. The developer is continuing to watch the economic indicators to judge the best time to begin construction of condominiums at the site.
WHAT TO EXPECT IN 2012
The Village currently has no 2012 capital expenditures planned for TID #2. Over the past several years, the Village has put infrastructure in place to encourage future economic development. Staff remains prepared to accommodate future needs as they arise.
Despite economic challenges throughout the country over the last several years, economic development in the Village has remained relatively balanced. TIDs receive income from taxes paid by businesses within the boundaries of the district. This income is used to pay down debt incurred to spur development. Once the debt incurred for development is repaid, the property taxes from businesses within the district are directed back to the taxing entities.
During 2011, approximately $9.3 million went to pay down debt in TID #2. In 2012, this amount is expected to be $10 million. Property taxes collected from residential taxpayers are not used to pay for any TID improvements, programs or debt.