Two Mount Pleasant business parks will move another step closer to full approval when the Joint Review Board meets Oct. 13.
The first TIF (tax incremental financing district) totals almost 300 acres but does not include a nearly completed 132,000 square foot building at the southeast corner of International Drive and Highway 20 from Land & Lakes Development from Park Ridge, IL.
Village trustees at the Sept. 22 board meeting approved the creation of a TIF there to support potential development. Board members approved the district to raise more than $25 million for infrastructure projects necessary to turn the farmland into prime development space, a story in the Milwaukee Business Journal reads.
Logan Martin, community development coordinator, explained that establishing the TIF district out on HIghway 20 is key to bringing in additional development and jobs.
“TID 3 is being driven by infrastructure needs for the Land & Lakes property,” he told Racine County Eye. “It will also serve as the mechanism to open up hundreds of additional acreage for business park and commercial growth.”
TIF districts are a tool communities use to spur growth. Money borrowed to pay for infrastructure like roads, water and sewer is paid back using property taxes generated by the new development. Once the TIF closes, property taxes are added to the municipal tax roll no different than any other property.
A second TIF – this one on the south side of Durand Avenue between Oakes and Wood Roads – has also been approved to fund up to $1.3 million in incentives for Phoenix Investors. That group plans to build additions onto existing warehouses as well as a separate, 130,000 square foot building.
The Joint Review Board is made up of other taxing bodies like the county, Gateway, and Racine Unified. Creating new TIF districts requires the review board’s approval because of the tax implications.