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Updates Made To TID #2
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In order to provide for needs that are critical to the success of Tax Increment District #2 (TID #2), the Village has initiated an amendment to the District. If approved, this third amendment to TID #2 would bring the project total to $79.2 million, which amounts to a $25.3 million increase in TID #2 funding over the last amendment in 2004. Amendments proposed to the TID #2 Project Plan were considered at a Plan Commission meeting on Monday, August 25.
The revisions are directly related to the development of the Uline Corporate Campus south of Highway Q, west of I-94, and to updates of financial estimates dating back as far as nine years. The $25.3 million increase is comprised of approximately: $11.2 million for site-related improvements for the new Uline Headquarters, $8.5 million for multiple roadway and utilities related improvements, $3.1 million for land acquisition, and $2.5 million in additional costs. The Uline Corporate Headquarters development will contribute to the success of the TID and will further expand the District’s tax base. The value of the development is expected to be near $100 million upon completion, and 1,000 people are expected to work from the site.
Financing for TID #2 projects, in the form of general obligation bonds, is issued in the years that projects are undertaken. Debt for the TID will be repaid with property taxes from businesses within the District. Once all of the debt for the TID has been repaid, the district will be retired, and the property tax payments will then be directed back to the taxing entities.
Pleasant Prairie’s first TID was created in 1989 to assist in the establishment of LakeView Corporate Park. It was retired in 1999, ten years earlier than originally anticipated. The initial value of TID #1 was $15.75 million, and today, corporate park development in Pleasant Prairie is valued at $736 million and accounts for 26.61% of the total value of the Village. This creates a substantial benefit in the amount of property taxes residents in Pleasant Prairie pay each year.
“We’ve had tremendous success with our TID projects in Pleasant Prairie,” stated Mike Pollocoff, Village Administrator. “Our commercial and industrial residents are a great asset to our community. They provide employment, contribute to our tax base, reinvest in the community, and help to grow and maintain balance in our local economy. We, in turn, offer them a great place in which to conduct business and a great place for their employees to live, work and play.” The proposed amendment will now go before the Village Board and a Joint Review Board, comprised of representatives from all of the taxing entities, for consideration.