Pleasant Prairie Village Board this week voted to close one of its tax incremental districts (Tax Incremental District No. 2, or TID 2), a move which brings nearly $1 billion in additional property value to the Kenosha County village’s tax base.
TID 2 had reached its maximum legal lifespan of 23 years. It was created in 1999 to pay for expanded infrastructure in LakeView Corporate Park and to attract economic development.
The property value of the land for TID 2 was approximately $7 million, before the district was created. The village invested nearly $218 million in TID 2 to provide the public infrastructure for LakeView Corporate Parks (east and west), Prairiewood Park, and Prairie Highlands Corporate Park. The public infrastructure improvements included new roadways, storm sewers, sanitary sewers, municipal water, site grading, and fiber optic lines.
Numerous businesses were attracted to the district, which saw development of more than 10 million square feet of buildings and businesses that generated over 4,750 jobs in the manufacturing, warehouse, distribution, retail, service, office, restaurant, lodging, and health services sectors, according to the village.
TID 2 has generated enough tax revenue to pay off the funds spent on the infrastructure, the village said. The final debt payment and administrative costs for the district were $13.5 million.
Since the creation of TID 2, its property value has increased by nearly $1 billion, according to the village, which is now added to the entire village property tax base and tax payments on it will go to the village’s general fund.
"TID 2 is an excellent example of how commitment to vision, investment, and planning can be beneficial to the village's future," said village administrator Nathan Thiel. "TID 2 has brought new infrastructure, numerous jobs, and an improved tax base to the community."