Village officials have been actively searching for businesses to
develop the village’s proposed Tax Incremental Finance District
number 5 (TID #5) or Sugden Farms business park, which will be
located on the Sugden Farms property just south of the Highway 83/43
interchange near Wolf Run and Dewey Drive, according to Village
Administrator John Weidl.
financing allows municipalities to funnel tax money into
improvements within a geographic district. After a TID district is
created, a portion of the property tax generated on new developments
within the district, called “increment,” goes into a pot that can be
used to pay for improvements, like environmental cleanups, road
construction and demolition projects At a Jan. 9 special board
meeting, Weidl was authorized to offer Banker Wire, a manufacturer
in Mukwonago, 16 acres of Sugden Farms property on the condition the
company proposes an initial 180,000 to 195,000 square-foot building
with a guaranteed $8 million in total assessed value to be
constructed by January 2019, according to the meeting agenda.
Banker Wire has been looking to expand and Mukwonago is one of the
communities the company is considering. While Banker Wire has yet to
accept or deny the village’s proposal, offering opportunities to
companies such as Banker Wire that already have operations in
Mukwonago is part of the village’s plan, said Weidl. He said
Mukwonago has the potential to attract homegrown facilities and
those in Waukesha County that need to expand.
“I hope that we
can be a regional hub for industrial businesses that are looking to
expand in the area where they already are,” said Weidl.
business park will contain at least nine sites that range between
3.5 aces and 20 acres. Weidl said. However, the cost and a plan for
the business park will not be available until the middle of next
week because the village is still finalizing numbers, he said.
Moreover, the sale between the Sugden family and the village is not
Weidl said the
village wants to become one of the communities in Waukesha County
that has development-ready sites. However, Mukwonago has missed
opportunities in the past because the village did not have the land
or amenities needed to attract potential developers, said Weidl.
hurdle was that we didn’t have the land to capture those
opportunities when they came our way,” said Weidl.
A criterion for
the business park established by the village is to have all
utilities by Dec. 31, 2018, according to Weidl. This means the park
would have roads, street lights, gas, water, sewer and other
utilities in place before companies move there.
“We’re trying to
do what’s best for our 20-year future,” said Weidl. “And these
buildings will be here 50 to 60 years from now, paying taxes.”
reporter reached out to Banker Wire but was not able to get in
contact before deadline.