On Monday, April 22, the Village Board approved an amendment to Tax Incremental District #7 (TID 7), reducing the size of TID 7 to a single, fully developed, 47-acre parcel owned by Fresenius Kabi. The location houses an existing industrial building at the northeast corner of 122nd Street and 120th Avenue. The Village Board's approval of the amendment removes other properties from TID 7, and all financed TID 7 projects are complete. The Village Board also approved Resolution #24-22, outlining the boundaries and project plan for Tax Incremental District #11 (TID 11).
TID 11 is categorized as a mixed-use district encompassing approximately 1,000 acres of land along Interstate Highway 94, from Wilmot Road to 122nd Street, between 114th Avenue and just west of 128th Avenue. The Village Board approval followed approvals and favorable recommendations from the Plan Commission meeting on February 19, the Joint Review Board meeting on March 12, and the Plan Commission public hearing on April 1. The Project Plan aligns with the Village's Comprehensive Plan, enhancing property values and encouraging mixed-use development within TID 11's boundaries.
TID 11 aims to stimulate commercial, industrial, and residential development to broaden the Village's tax base. 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. The total project cost is estimated at $54,395,850. TID 11 is projected to realize $854,100,600 million in new value over its life span.
The Joint Review Board's second and final meeting to establish TID 11 is scheduled for May 21, 2024.
