On Tuesday, September 3, the Village Board of Menomonee Falls heard a presentation on the retirements of Tax Increment Districts (TID) #4 and #5. Village Manager Mark Fitzgerald presented an overview to Trustees Randy Van Alstyne, Katie Kress, Jeremy Walz, Paul Tadda, Tim Newman, Steve Taggart, and Village President Dave Glasgow.
TID #4, generally located east of Appleton Avenue and expanding North and South of Good Hope Road, was created in 1996 with a base value of $3 million. An amendment in 2002 increased the base to $14 million, and will be finally retired with a current 2018 value of $111 million. TID #4 includes developments such as the Woodland Prime office park, North Hills medical offices, senior housing, landscape and streetscape improvements, and created 2,400 jobs! Froedtert & Medical College of Wisconsin, the second largest employer in the Village, is located here. TID #4 closed with $1,940,000 cash distributed to the Village, School District, WCTC, and Waukesha County, and generated $97.4 million in added value to those taxing jurisdictions.
TID #5, generally located at Main Street and Old Orchard Road, created the industrial development known as Westbrook Corporate Center in 1999 with a base value of $6 million. Amendments in 2000 and 2001 increased the base value to $17, and will finally be retired three years early at a value of $131 million. TID #5 includes developments such as Actuant Corporation headquarters, Briggs & Stratton, Arandell, Froedtert & Medical College of Wisconsin, ER Wagner, and created 1,900 jobs! TID #5 closed with $1,825,000 cash and generated $114.4 million in added value to the four taxing jurisdictions.
After concluding the TID retirement overview, School Board President Faith VanderHorst, School Board Treasurer/Finance Chair Mark Nadolski, and School Superintendent Corey Golla presented plans to reinvest in community assets with the funds generated from the closure of the two districts. Reinvestment plans for the School District of Menomonee Falls include improvements to outdoor athletic facilities such as lights and new bleachers for the high school football stadium, elementary playground replacements and additions (including handicapped accessible components), and upgrades to elementary libraries.
The Village of Menomonee Falls presented a ceremonial check in the amount of $2,165,981 to the School District of Menomonee Falls to celebrate the successful retirement of the development districts and successful ongoing partnership.