Members of the Mount Pleasant Community Development Authority are expected to hammer out some final details of an development agreement with Land and Lakes Development of Park Ridge, IL.
Land and Lakes has an option to purchase 60 acres from the Borzynski family at the southeast corner of International Drive and Highway 20. The total cost of the land is expected to come to $2.75 million, and the goal is to develop the parcels into a business park.
Martin Hanley, president of Land and Lakes, told Racine County Eye Wednesday that he’s looking to build a 120,000 to 150,000 spec building to start.
“We are hoping to get the pieces in place to build and finish construction still this year,” he said.
And while there isn’t a tenant lined up yet, the space could be home to a distribution center or even a manufacturing company.
Logan Martin, community development coordinator for the village, said discussions with Hanley and his team have included talk about two to four buildings and a new roadway.
“Our understanding is that the 60 acres will become a business park with two to four buildings, depending on size,” he continued. “The development would include a new east-west road south of Washington.”
Hanley said Land and Lakes settled on Mount Pleasant after doing extensive research on the communities in the Chicago-Milwaukee corridor.
“We did a lot of research up and down the corridor there along I-94,” he added. “In the end, Mount Pleasant offered the best location and had the amenities and utilities we need. The cooperation of the village and the people there was also a big factor.”
Under the terms of the development agreement, Hanley and his team have to apply for a building permit no later than September 2015 and achieve occupancy to take advantage of significant financial incentives.
In short, there is a $1 million deferred assessment against the property, of which Land and Lakes will pay half to Mount Pleasant over the next 10 years. The other half gets returned to the company as soon as the company applies for a building permit. Martin also said Land and Lakes must achieve occupancy as a condition of the agreement to qualify for the $500,000 reimbursement.
The Community Development Authority meets at 1 p.m. Thursday at Village Hall, 8811 Campus Drive. Call (262) 664-7800.