Legislation recently approved by the Wisconsin Legislature and the
Governor will enable the Village of Pleasant Prairie to amend a current
Tax Increment Financing (TIF) District to grow economic development
opportunities in the area. Through the approved legislation, Pleasant
Prairie has received permission to increase the value of the TID beyond
12% of the Village’s equalized assessed value. Pleasant Prairie sought
the change in order to prepare for future economic development
opportunities and to bring property previously acquired by Uline into
the TIF district in order to honor commitments that will lead to
additional development and job growth.
“With regards to the
Uline campus, the TIF expansion enables the Village to finish what we
started,” explained Pleasant Prairie Village Administrator Mike
Pollocoff. “While the Village will be spending previously anticipated
monies to finish the project, we will be spending those dollars in a
different manner than originally planned.” Pleasant Prairie will use
previously allocated funds to perform additional sewer, water, and
grading work to accommodate a future warehouse, as opposed to using the
funds to move existing power transmission lines. The TIF expansion will
also allow a physical boundary adjustment for the Pleasant Prairie TIF
District to draw land, previously purchased by Uline, into the
boundaries of the District.
“With regards to future economic
development, the TIF expansion will offer Pleasant Prairie enough
flexibility to act quickly when addressing opportunities that present
themselves,” explained Pollocoff. “The ability to be nimble with the TIF
is often the difference between winning or losing economic development
to another area.” One such opportunity is the possible development of a
biotechnology business incubator to spur job creation. “Should studies
show that the center is feasible and should all the cards fall into
place, the Village and KABA could proceed with plans to provide an
environment for new small startup biotech businesses to grow into strong
regional employers.”
The change to the TIF District became
necessary when, in 2009, the value of the residential tax base decreased
while the value in the TIF District increased because of new
development. These factors led to the disproportion in the formula for
the 12% value cap. Governor Walker visited a Pleasant Prairie business
on Tuesday, August 9, for a ceremonial signing of the Pleasant Prairie
TIF legislation