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Home > BizTimes Daily > Archives > January 9, 2009
Pleasant Prairie approves infrastructure funding
Published January 9, 2009 - BizTimes Daily
The Pleasant Prairie Village Board on Thursday approved the issuance and sale of $6 million in general obligation promissory notes to pay for project costs related to the frontage road system being constructed to serve the Uline Inc. and Abbott Laboratories properties.
The money will be used to fund the village's work in its tax incremental district (TID) #2.
Uline is constructing a new corporate headquarters campus just west of Interstate 94 in Pleasant Prairie, and the Pleasant Prairie board approved a development agreement for land owned by Abbott Laboratories, north of the Uline site.
"We began watching for favorable borrowing conditions in late 2008 but delayed issuing the notes until January to take advantage of traditionally lower interest rates after the start of the new year," said Kathy Goessl, finance director for the village. "This strategy, in addition to our recently upgraded credit rating, will save over $500,000 in interest costs."
The newly issued notes will mature in six years, by September of 2015. The debt will be repaid with property taxes from businesses within the district.
Uline will move its headquarters across the state line to Pleasant Prairie from Waukegan, Ill. The facility will consist of 218,000 square feet of office space and 1 million square feet of distribution space.
