Officials with the Village of Mount Pleasant are making plans to welcome additional commercial development in both the near future and five to 10 years down the road.
On Washington Avenue and International Drive, nearly 300 acres have been marked for the possible creation of a new tax incremental financing district, according to one of two stories in the Milwaukee Business Journal.
The land includes acreage where a 120,000 to 150,000 square foot building from Land and Lakes Development of Park Ridge, IL, is under construction.
Trustees and members of the Community Development Authority met Monday in a joint meeting to hammer out plans for potential development there that include spending almost $20 million for necessary infrastructure like sewer, water and roads.
Community Development Coordinator Logan Martin told the MBJ that the village doesn’t have an interested party immediately, but that the infrastructure could be put in as needed.
Village leaders also agreed Monday to offer $1.3 million in incentives to Phoenix Investors to build new industrial space totaling almost $300,000 along Durand Avenue between Oakes and West Roads.
Phoenix owns a fully leased 193,000-square-foot warehouse and office building at 7505 Durand Avenue and plans to expand that building as well as build a separate facility, the second story in the Milwaukee Business Journal reads.
Martin said the incentives would be paid over a period of 12 years through a return of property taxes but only if the expansion actually happens.
“It’s low, if any, risk to the village,” he is quoted as saying. “They would only benefit for what they create.”