Bristol is pursuing the creation of a tax increment financing district with an Illinois based developer who will look to attract corporate businesses to the site at Highways U and Q in Bristol.
“Kenosha County is clearly one of the hottest business development areas in the entire country,” said village President Mike Farrell. ” The Village Board is very aware that any development will have impact on our residents. It is time the Village of Bristol pursue development that fits a long term strategy and helps reduce the future tax burden to the residents of Bristol. Very careful consideration is given to every decision made by the Village Board in the best long term interests of the Village.”
From an announcement from the village:
The Bristol Village Board has approved a financial memorandum of understanding with the Janko Group to pursue creation of a Tax Increment District (TID) for the area West of Hwy U and North of Hwy Q in Kenosha County. This development area is about 150 acres and has very close proximity to I-94. Financial costs for utility and road improvements, estimated at $7 million, would initially be the developer’s responsibility. The TID is projected to create more than $60 million in development allowing the Village to collect future taxes to reimburse the Developer for the costs associated with utilities and roads. There will be minimal financial responsibility to the taxpayers of Bristol. The TID would be planned for 20 years and could be expanded up to 4 times in the future under state laws. The developer would still be required to get approval from the planning commission and Village Board for site plans, rezoning and land divisions. The Bristol Land Use Plan designates this area as Business Park and Professional Office. The developer is planning to attract corporate businesses to locate in the area. These businesses may include corporate offices, manufacturing, research and development, and distribution. Since 1997, this location has been included in the planned sewer service area. Bristol is currently working with the Village of Pleasant Prairie in regards to water for the area.”
