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Tax Incremental District Amendment Approved
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A third amendment to Pleasant Prairie Tax Incremental District #2 was approved on Monday, September 15 by the Pleasant Prairie Village Board and Tuesday, September 16 by a Joint Board of Review comprised of representatives from all impacted taxing entities. This third amendment to TID #2 will increase the project total by $25.3 million, bringing the revised total of TID #2 to $79.2 million. The amendment was previously reviewed and supported by Pleasant Prairie’s Plan Commission in late August.
The revisions are directly related to two major updates: the development of the Uline Corporate Campus south of Highway Q and 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.
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. The value of the Uline development is expected to be near $100 million upon completion, and 1,000 people are expected to work from the Pleasant Prairie location upon full build-out of the site.