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BONDS ISSUED THROUGH PLEASANT PRAIRIE'S TID #2 TO BEGIN INFRASTRUCTURE WORK FOR PRAIRIE HIGHLANDS CORPORATE PARK
On
Monday, June 19, 2017, the Pleasant Prairie Village Board authorized
the issuance and sale of two general obligation bonds. The bonds will be
issued through Pleasant Prairie’s Tax Incremental District #2 (TID #2)
and will fund the installation of infrastructure improvements for
Prairie Highlands Corporate Park.
One non-taxable, general
obligation promissory note in the amount of $21,400,000 will fund
improvements within Prairie Highlands including site grading and the
installation of water, sewer and roadway infrastructure. A second,
taxable, general obligation promissory note in the amount of $4,300,000
will accommodate grading for the future site of Haribo, the German
confectioner that is planning to locate its first U.S. manufacturing
facility in Pleasant Prairie.
Debt from the bond issuances will
be paid down with proceeds from land sales within the TID and with taxes
paid by businesses within the boundaries of TID #2. Property taxes
collected from the general population (properties outside of the TID
boundaries) are not used to pay for any TID improvements, programs or
debt.
Debt incurred within TID #2 is expected to be paid down
and the TID retired in 2023. TID #5 was recently created to manage
future investments that will complete work in Prairie Highlands. TID #5
is expected to reach maturity in 2033.
Interim Village
Administrator Thomas Shircel explained, “This bonding and infrastructure
work is a continuation of efforts over the last three decades aimed at
economic development that have sought to provide financial balance and
stability for the area while improving quality of life for our
residents. The Village remains committed to ensuring that the last
remaining developable land along I-94 in our community is reserved for
its highest and best use so that all TID expenditures have the highest
return for taxpayers.” Additional information about the borrowing is
available in the June 19 2017 Village Board e-packet available by
clicking here.