Mount Pleasant trustees Monday night are expected to approve a new tax incremental financing district that is expected generate development worth $136 million in the coming years.
The new TIF district totals 260 acres and could be comprised of up to 19 parcels. Its rough boundaries are the existing warehouse buildings on the west, east Frontage Road on the west, Washington Avenue on the north and Hribar Trucking to the south.
A TIF district is a special growth tool for municipalities where property taxes generated by development in the district pays back the loans use to establish it, including the construction of infrastructure like sewer, water, and roads. Once the district has been paid, properties are listed on the tax rolls no different than any other taxpayer, which should bring down mill rates for everyone.
Community Development Director Logan Martin said a joint project of MLG and Opus – a 155,000 square foot spec building – was the spark driving the new district.
Construction on the new building is expected to begin later this year and complete by next summer.
First, though, Mount Pleasant will need to borrow $2.19 million for the sewer and water lines and roads – including the creation of Globe and Nation Drives and an additional north-south street – leading to the new development, which will go up off of the east Frontage Road south of the Holiday Express.
All told, TIF #4 to cost up to $19.5 million in infrastructure over the next 15 years, but will see an estimated $136 million in anticipated value.
The Mount Pleasant Village Board meeting starts at 6:30 p.m. at Village Hall, 8811 Campus Drive. Call (262) 664-7800.