On Monday, May 7, the Village Board considered and approved a resolution for the project plan and the boundaries of Tax Incremental District (TID) No. 7 in the Village of Pleasant Prairie. TID #7 is being developed by Riverview Group, LLC on 308 acres of land generally located between 110th Street and 122nd Street and east of the East Frontage Road to be known as the Stateline 94 Corporate Park.
The project plan will promote industrial development in the District. The reasons for the creation of the plan are to enable public improvements and complete infrastructure improvements such as roads, intersections, traffic signals, municipal water, sanitary sewer, site work, grading, and storm water. The plan is also used for site access and the acquisition of any land necessary for required improvements. TID #7 will increase the tax base of the Village of Pleasant Prairie.
TID #7 will be considered an overlapping tax incremental district since it overlaps with a portion of the existing Village Tax Incremental District No. 2. This type of Tax Incremental District is allowed to have a 20 year life, with expenses allowed for the first 15 years of the TID. The cost for the design and construction of public and infrastructure improvements is $19,998,896 and is proposed to be developed in three phases. Construction on the first phase is tentatively scheduled to begin later this summer with an estimated completion date in late 2019.
When adding administrative and other project costs it will bring the proposed project total to an estimated $20,298,896. TID #7 is expected to realize $93.7 million in new value over its life and is anticipated to bring 1,250 jobs to the district.
The second and final meeting of the Joint Review Board to create TID #7 is scheduled to take place on May 15, 2018.