With the closure of their successful tax incremental financing district coming next year, Sturtevant trustees are already looking at establishing new districts to keep the development ball rolling.
Village Engineer Jeff Seitz Tuesday pointed to possibilities at which trustees are eager to look more closely:
- Along Highway H moving south about a half-mile from Durand Avenue because infrastructure for sewer and water already exists as well as north along West Road; and
- On Highway 11 between Willow Road and Highway H including Wisconsin Avenue and Charles Street
“There would be minimal cost on Highway H and north with the Ashley Capital parcels would be a natural extension of the Renaissance,” he explained. “And we know there are a number of properties on Highway 11 that are not the highest and best use.”
The Highway 11 corridor is the primary gateway into Sturtevant, and Seitz pointed out that the village has a unique opportunity to “raise the bar and really spruce it up with modern development.”
Highway H would be designated as TID 4 and Highway 11 would be known as TID 5, and trustees are excited about moving forward with both districts simultaneously as soon as possible after the current district closes next year.
Seitz said there is additional possibilities with the Cobble Court land across from Farm & Fleet because it’s in foreclosure.
“We need to have the new districts ready to go so there isn’t a gap in our economic development,” Chris Larsen said.
Rules governing the established of TIF districts say that their initial value can only be 12 percent of a municipality’s total value, which mean the combined value of the two new districts can’t come to more than $50 to $65 million.
“This is more great news for our village,” President Steve Jansen said. “We’re setting the state for the next generation of leaders like it was set for us.”
Members of the board and the Community Development Authority will meet again later this fall to continue talking about ideas for the next development areas.