TID #5, Amendment 1

TID #5, Amendment 1
Posted on 06/12/2018
In order to provide for needs that will allow the continued success of Tax Increment District #5 (TID #5) in Pleasant Prairie, the Village has initiated an amendment to the District. If approved, this first amendment to TID #5 would bring the project total to $67.7 million, which amounts to a $12.8 million increase in TID #5. Amendments proposed to the TID #5 Project Plan will be considered at a Plan Commission meeting on Monday, June 11, and at a subsequent Village Board meeting.

The revisions are directly related to: new roadway project costs including roadway extensions, a bridge, perimeter roadways, a roundabout and other general roadway projects; storm sewer, sanitary sewer, water main, a new water tower, and prep work for development of The Gateway at LakeView Corporate Park. The total $67.7 million increase is comprised of approximately: $12.3 million for roadway improvements; $15.2 million for sewer, water and stormwater improvements; $16.1 million for grading and storm water management; and $18.5 million in land acquisition, administrative and other costs.

Financing for TID #5 projects, in the form of general obligation bonds, will be issued in the years that projects are undertaken. Debt for the TID will be repaid with property taxes from businesses within the District. Once all of the debt for the TID has been repaid, the district will be retired, and the property tax payments will then be directed back to the taxing entities. It is expected that TID #5 will be retired in 2033 or earlier, depending upon the success of the development within the TID.

TID #5 is considered an overlapping tax increment district as it overlaps with a portion of the existing Village TID #2 and will continue to overlap following the boundary amendment. Pursuant to Wisconsin Statutes Section 66.1105(10), Wisconsin’s Tax Increment Law allows municipalities to create overlapping tax incremental districts. The boundaries of an overlay district may overlap one or more existing TIF Districts. In the case of an overlapping TIF District, Wisconsin law provides that in determining how positive tax increments generated by an area within an overlapping district are allocated among the overlapping districts, the aggregate value of the taxable property in the area, as equalized by the Department of Revenue in any year for each earlier created district, is the portion of the tax incremental base of the overlapping District attributable to the overlapped area.

If the Plan Commission and Village Board approve the proposed amendment, it will go before a Joint Review Board comprised of representatives from all of the taxing entities for consideration.
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