Governor comes to Pleasant Prairie to sign TIF bill into law
Gov. Scott Walker visited a Pleasant Prairie business on Tuesday, Aug. 9, for a ceremonial signing of legislation recently approved by the Wisconsin Legislature that will enable Pleasant Prairie to amend a current Tax Increment Financing (TIF) District to grow economic development opportunities in the area.
Through the approved legislation, Pleasant Prairie has received permission to increase the value of the TID beyond 12 percent of the village’s equalized assessed value. Pleasant Prairie sought the change in order to prepare for future economic development opportunities and to bring property previously acquired by Uline into the TIF district in order to honor commitments that will lead to additional development and job growth.
“With regards to the Uline campus, the TIF expansion enables the Village to finish what we started,” explained Pleasant Prairie Village Administrator Mike Pollocoff. “While the Village will be spending previously anticipated monies to finish the project, we will be spending those dollars in a different manner than originally planned.”
Pleasant Prairie will use previously allocated funds to perform additional sewer, water, and grading work to accommodate a future warehouse, as opposed to using the funds to move existing power transmission lines. The TIF expansion will also allow a physical boundary adjustment for the Pleasant Prairie TIF District to draw land, previously purchased by Uline, into the boundaries of the District.
“With regards to future economic development, the TIF expansion will offer Pleasant Prairie enough flexibility to act quickly when addressing opportunities that present themselves,” explained Pollocoff. “The ability to be nimble with the TIF is often the difference between winning or losing economic development to another area.”
One such opportunity is the possible development of a biotechnology business incubator to spur job creation.
“Should studies show that the center is feasible and should all the cards fall into place, the village and KABA (Kenosha Area Business Alliance) could proceed with plans to provide an environment for new small startup biotech businesses to grow into strong regional employers.”
The change to the TIF District became necessary when, in 2009, the value of the residential tax base decreased while the value in the TIF District increased because of new development. These factors led to the disproportion in the formula for the 12 percent value cap.