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Development Agreement for Abbott Land Approved
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During meetings held in December 2007, a Development Agreement, for approximately 482 acres of property owned by Abbott’s PDD and PDD II and other interests, was approved. The Development Agreement sets the stage for work at the site, which is located west of I-94 between Highways C and Q. The document includes preliminary plans for public and private infrastructure, such as: roads, sanitary sewer, water and storm water management facilities.
Plans were based on a conceptual plan of the properties, which will allow for mixed uses, along with potential peripheral businesses centered on meeting commercial, retail and service related needs. Plans were developed with a potential gated, campus-like complex in mind. Uses within the campus would be related to health care and pharmaceutical research and development, along with the associated business offices.
The Agreement does not require that Abbott Laboratories will be a company, or the only company, that locates at the site, it instead allows for a fluid business scenario that would accommodate a variety of possible outcomes. The property may host multiple property owners and businesses in the health care and/or pharmaceutical industries, a purchased company, a relocated division or a spin-off. The anticipated value of the complex upon its completion is $1.5 billion. It is expected to employ roughly 12,000 people in professional level and support positions.
Construction of key pieces of public infrastructure will begin in 2008, some of which have already been approved as part of the Tax Increment Project Plan. Improvements will be constructed incrementally, as warranted. Once specific construction plans are received for structures in the campus, the Village may also consider amending the TIF District in order to cover from $6 to $8 million in costs for the extension of sewer and water over the life of the project to the complex.
The Development Agreement is the result of a year and a half of work between the applicants, Village staff, attorneys and engineering consultants. The Agreement was structured to provide workable guidelines for development while allowing enough flexibility to accommodate various future scenarios. “The properties are being designed as an adaptable complex, one that can accommodate the needs of an industry that must constantly evaluate and adapt their business to meet the demands of an instantaneous world market,” commented Mike Pollocoff, Pleasant Prairie Village Administrator. “The project is dynamic and adds a new dimension to the economic diversity in the Village.”