Here’s how Mount Pleasant looks to continue expanding its housing supply near Foxconn | Local News
MOUNT PLEASANT – The Village of Mount Pleasant is in the process of developing an additional sixth tax district to take advantage of a corridor between Kenosha and Racine County.
TID No. 6 is made up of approximately 292 acres located between Braun Road and County Highway KR on the west side of Highway 31, according to the final version of the project plan provided by Sam Schultz, director of community development for the village. It is currently awaiting state approval.
TID’s proposal is still under state scrutiny, Schultz said. The village doesn’t know exactly when it will be approved, but Schultz noted that the state’s Revenue Department will begin its review of these proposals in the fall.
As TID No. 5 was created to facilitate Foxconn and manufacturers who may follow suit, TID No. 6 will focus more on housing. It should be anchored by a new housing development.
Specifically, it is set up to facilitate a 280 unit multi-family residential development at market rate, Braun Road Apartments, led by Milwaukee-based Fiduciary Real Estate Development. The apartments will be located at the northern end of the neighborhood, on a plot still owned by the county which lies to the east of the land owned by Foxconn.
Proposed TID # 6
The cost of the TID project is estimated at $ 39.77 million. The amount includes $ 30.27 million for potential development incentives, $ 3.61 million for public infrastructure, $ 3.38 million for park improvements, $ 2.19 million for interest on the long-term debt and “related financing costs” and $ 330,000 for district administrative expenses.
Besides housing, Schultz said TID is also looking at what can be done to improve parks and recreation in the village.
“What we’ve done for this district is to include other things like parks like Biex-Ramcke Park as well as the Pike River Corridor,” Schultz said.
“These are included in the tax increase district as areas where future funds could go. This would be both an immediate neighborhood benefit for the tax increase district, but also a wider benefit for the community.
Benefits of the neighborhood
According to the project plan, the creation of the new TID will bring many socio-economic benefits, including opening the doors to other developments.
For example, the creation of TID will result in short-term employment opportunities during its construction and long-term employment opportunities related to its commercial and residential operations. TID’s flagship project, the Braun Road Apartments, will of course create necessary housing in the corridor.
“We had heard from the county through a housing study done by (Racine County Economic Development Corp.) in terms of recruiting – attracting new residents and employees to existing employers, and employers themselves – that they were really struggling to find housing… to locate either people coming into the community or just residents who wanted a different type of housing that they didn’t see in the village, ”said Schultz.
The proposed TID would need additional tax funding to achieve a projected 8% cash return – or cash income earned on money invested in a property – at stabilization. Without TIF, TID would only see a 2% cash return.
TID is expected to achieve an average cash return of 10% by its 15th year of existence; at that point, the additional tax funding on it would end. The village anticipates that TID would create enough tax increase dollars to pay for all project costs within 15 of the 20 allowed years.
Other housing axes
According to agendas from previous board meetings, the village is also receiving requests from Coach Hills – a community of homes built by Korndoerfer Homes, based in Racine in the Campfire Lane area – for a new subdivision and condominiums. .
The village also saw the completion of the Tivoli Green Apartment Homes project in July, which offers 278 units at 9110 Megan’s Way, north of Campus Drive.
Similar to Braun Road Apartments, Tivoli Green boasts of being a multi-family apartment complex at market prices. Tivoli Green was the first such accommodation to be developed east of I-94 in the county in over two decades.
Tivoli Green was developed by Wangard Partners, Inc., based in Milwaukee.
Stewart Wangard, CEO and founder of Wangard Partners, called the resort “state of the art” and said the accommodation would bring “young talent” to Mount Pleasant and the county.
In photos: Foxconn Open House