Proposed Boundaries Established for Tax Incremental District No. 8
The Pleasant Prairie Plan Commission, on Monday, September 14, approved a resolution designating the boundaries of Tax Incremental District (TID) No. 8 in the Village of Pleasant Prairie. The new district consists of 130 parcels, totaling 127 acres of land, generally located south of Highway 50, between 104th and 115th Avenues.
The creation of TID 8 is necessary to accommodate the mixed-use, multi-phase developments planned for the district. Fiduciary Real Estate Development is the developer proposing this project and requesting TID financial support. The total improvement cost attributed to the TID is estimated around $11,992,430, including design, construction, and administration. Proposed public infrastructure improvements include completing 77th Street, 109th and 115th Avenues, stormwater management, utility installations, and other eligible project costs. The Village staff is currently working with the developer to finalize the Project Plan and Development Agreement.
On February 3, the Village Board approved a conceptual plan for 300 upscale apartments. The approximately 29-acre multi-family apartment project, known as Seasons at River View, is the first phase planned for TID 8. The remaining development phases in TID 8 will consist of two commercial development sites and senior housing. The developer plans to begin construction on the apartments in 2021.
The approval process to create the Tax Incremental Financing District for TID 8 will be done in three phases. It requires approval from the Joint Review Board (JRB), Plan Commission, and Village Board. The first JRB meeting will be on September 28, 2020. The Plan Commission will hold a public hearing on the proposed creation of TID 8 and the Project Plan on October 12, 2020.
The Village Board plans to consider the TID proposal on November 2, 2020. The second and final JRB meeting for the creation of TID 8 will take place on November 17, 2020.
