What's News in Pleasant Prairie, Wisconsin
Tax Incremental District 2
Back to News
On Monday, February 10, a public hearing was held and the Pleasant Prairie Plan Commission and Village Board considered and approved a fifth amendment to the Village’s Tax Increment District #2 (TID 2). The amendment approved Monday evening: placed additional parcels into the TID 2 boundaries; revised project expenses to complete infrastructure improvements; provided financial incentives for the development of industry; and provided funds for the acquisition of properties or easements required for public improvements.
“This TID amendment will encourage higher quality development in two significant areas of the Village,” explained Tom Shircel, Assistant Village Administrator in Pleasant Prairie. “The amendment addresses land along I-94 and infrastructure improvements near the site of the future Village Center along 39th Avenue.” Shircel continued, “Prior TID improvements completed near I-94 are just beginning to pay off now, and the current work will provide additional opportunities to build on that momentum. Our focus is creating more jobs per acre in this particular area in order to add an extra level of strength and security into our local economy.”
The Village created its first TID (TID 1) in 1989 to assist in the creation of LakeView Corporate Park. TID 1 was retired in 1999, ten years earlier than originally anticipated. The initial value of TID 1 was $15.75 million. Today, corporate park development is valued at $787 million. The Village created TID 2 in 1999 to provide for additional industrial development within LakeView Corporate Park East and West. TID 2 has been amended a total of five times since its creation in order to continue to encourage healthy private economic development. To date, actual expenditures within TID 2 total approximately $80 million; its current equalized value is $418,570,500. The amendment increased the proposed TID 2 project costs to an estimated total of $122.6 million, an increase of $28,340,900 over previous cost estimates. TID 2 is scheduled to be retired in 2023 or sooner.