The Pleasant Prairie Village Board approved several items relating to three tax incremental districts Monday meant to encourage new commercial and residential developments.
Tax incremental districts are a way for municipalities to pay for infrastructure improvements in a specified area to attract new development. The property might be blighted, or lack roadways, water and sewer or other infrastructure.
The property then pays taxes at a rate set prior to improvements. The additional taxes generated by the property’s improvements are set aside to pay for those improvements.
The board approve reducing TID No. 7 to a single, fully-developed 47-acre parcel owned by Fresenius Kabi. The location has an existing industrial building at the northeast corner of 122nd St. and 120th Ave. The approval removes other properties from the district as all projects are complete.
The Village Board also approved a resolution outlining the boundaries and project plan for TID No. 11, a 1,000 acre mixed-used district along I-94, from Wilmot Road to 122nd Street between 114th Avenue and just west of 128th Avenue.
The board’s decision followed favorable recommendations from the Plan Commission on Feb. 19 and the Joint Review Board on March 12. The Plan Commission held a public hearing on the proposal on April 1.
According to the village, the district is anticipated to consist of 67.5% industrial, 25% commercial, and 7.5% residential development. Its primary objectives include financing infrastructure enhancements, such as roadway extensions, stormwater management and utility installations to support development.
Read more at the Kenosha News.