Joint Review Board Agenda (PDF)

AGENDA JOINT REVIEW BOARD CITY OF PLYMOUTH TAX INCREMENTAL DISTRICT NO. 11 July 9, 2026 at 5:00 PM The meeting will be held at the Plymouth City Hall, located at 128 Smith St. Room 210 1. Call to order. 2. Roll call. 3. Appointments (as needed): a. Public member. b. Chairperson. 4. Review responsibilities of the Joint Review Board. 5. Review and discuss draft Project Plan. 6. Set next meeting date to consider approval of the TID. 7. Adjourn. July 9, 2026 PROJECT PLAN City of Plymouth, Wisconsin Tax Incremental District No. 11 Prepared by: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 BUILDING COMMUNITIES. IT’S WHAT WE DO. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 2 KEY DATES Organizational Joint Review Board Meeting: Scheduled for July 9, 2026 Public Hearing Held: Scheduled for July 9, 2026 Action by Plan Commission: Scheduled for July 9, 2026 Action by Common Council: Scheduled for July 28, 2026 Action by the Joint Review Board: Scheduled for TBD TABLE OF CONTENTS Executive Summary ................................ ................................ ................................ ................................ ..... 3 Preliminary Map of Proposed District Boundary ................................ ................................ ............ 6 Map Showing Existing Uses and Conditions ................................ ................................ .................... 9 Preliminary Parcel List and Analysis ................................ ................................ ................................ .... 11 Equalized Value Test ................................ ................................ ................................ ................................ . 12 Statement Listing the Kind, Number and Location of All Proposed Public Works or Improvements Within the District ................................ ................................ ................................ ....... 13 Map Showing Proposed Improvements and Uses ................................ ................................ ....... 20 Detailed List of Estimated Project Costs ................................ ................................ ......................... 24 Economic Feasibility Study, Description of the Methods of Financing Estimated Project Costs and the Time When Related Costs or Monetary Obligations are to be Incurred ................................ ................................ ................................ ................................ .......................... 25 Annexed Property ................................ ................................ ................................ ................................ ..... 30 Estimate of Property to Be Devoted to Retail Business ................................ ........................... 30 Proposed Changes of Zoning Ordinances, Master Plan, Map, Building Codes and City Ordinances ................................ ................................ ................................ ................................ .................... 30 Statement of the Proposed Method for the Relocation of any Persons to be Displaced ................................ ................................ ................................ ................................ ................................ ............ 31 How Creation of the Tax Incremental District Promotes the Orderly Development of the City ................................ ................................ ................................ ................................ ............................ 31 List of Estimated Non - Project Costs ................................ ................................ ................................ . 32 Legal Opinion Advising Whether the Plan is Complete and Complies with Wis. Stat. § 66.1105(4)(f) ................................ ................................ ................................ ................................ ................. 33 Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions ................................ ...................... 35 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 3 SECTION 1: Executive Summary DESCRIPTION OF DISTRICT Tax Incremental District (“TID”) No. 11 (“District”) is a proposed Industrial District comprising approximately 190 acres located in the general area of County Road PP and State Highway 57. The District will be created to pay the costs of facilitating the public infrastructure upgrades ( “Project”) to facilitate an expansion of Sartori Cheese (“Developer”). AUTHORITY The City is creating the District under the provisions of Wis. Stat. § 66.1105. ESTIMATED TOTAL PROJECT COST EXPENDITURES The City anticipates making total expenditures of approximately $ 2,081,481 (“Project Costs”) to undertake the projects listed in this Project Plan (“Plan”). Project Costs include an estimated $561,481 in long - term principal and interest payments, $775,00 in capital project costs, $490,000 to repay advances from other funds and $255,00 in ongoing planning and administrative costs. INCREMENTAL VALUATION The City projects that new land and improvements value of approximately $ 4,700,000 will result from the Project. Creation of this additional value will be made possible by the Project Costs made within the District. A table detailing assumptions as to the development timing and associated values is included in the Economic Feasibility St udy located within this Plan. EXPECTED TERMINATION OF DISTRICT Based on the Economic Feasibility Study located within Section 9 of this Plan, the City anticipates that the District will generate sufficient tax increment to pay all Project Costs within 20 of its allowable 20 years. SUMMARY OF FINDINGS As required by Wis. Stat. § 66.1105, and as documented in this Plan and the exhibits contained and referenced herein, the following findings are made: 1. That “but for” the creation of this District, the development projected to occur as detailed in this Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or within the timeframe desired by the City. In reaching this determination, the City has considered: The substantial investment needed to provide the public infrastructure necessary to allow for development within the District. Absent the use of tax Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 4 incremental financing, the City is unable to fully fund this program of infrastructure improvements. 2. The economic benefits of the District, as measured by increased employment, business and personal income, and property value, are sufficient to compensate for the cost of the improvements. In making this determination, the City has considered the following information: The expectation that the Project add an additi onal 27 jobs to the area and that the Developer is likely to purchase goods and services from local suppliers in construction of the Project, and induced effects of employee households spending locally for goods and services from retailers, restaurants and service companies. 3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions. As required by Wis. Stat. § 66.1105(4)(i)4., a calculation of the share of projected tax increments estimated t o be paid by the owners of property in the overlying taxing jurisdictions has been prepared and can be found in this Plan. However, because the Project would not occur without the use of tax incremental financing, these tax increments would not be paid but for creation of the District. Accordingly, the City finds that the benefits expected to be realized as set forth in this Plan outweigh the value of the tax increments to be invested in the Project. 4. Not less than 50% by area of the real property within the District is suitable for industrial sites as defined by Wis. Stat. § 66.1101, and has been zoned for industrial use. Any real property within the District that is found suitable for industrial sites and is zoned for industrial use at t he time of creation of the District will remain zoned for industrial use for the life of the District. 5. Based on the foregoing finding, the District is designated as an industrial district. 6. The Project Costs relate directly to promoting industrial development in the District, consistent with the purpose for which the District is created. 7. Improvements to be made in the District are likely to significantly enhance the value of substantially all of the other real property in the District. 8. The equalized value of taxable property in the District, plus the incremental value of all existing tax incremental districts within the City does not exceed 12% of the total equalized value of taxable property within the City. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 5 9. The City estimates tha t less than 35% of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period, pursuant to Wis. Stat. § 66.1105(5)(b). 10. That there are no parcels to be included within the District that were annexed by the City within the preceding three - year period. 11. The Plan for the District is feasible and is in conformity with the Master Plan of the City. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 6 SECTION 2: Preliminary Map of Proposed District Boundary Map s Found on Following Page. To the extent District boundaries include wetlands identified on a map prepared under Wis. Stat. § 23.32, the wetlands are excluded from the District. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 7 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 8 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 9 SECTION 3: Map Showing Existing Uses and Conditions Map Found on Following Page. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 10 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 11 SECTION 4: Preliminary Parcel List and Analysis ROW Areas 0.00 59271822647 WILLOW ROAD CITY OF PLYMOUTH 24.03 24.03 59271820935 WILLOW ROAD CITY OF PLYMOUTH 11.73 11.73 59271820938 N5490 WILLOW RD   PLYMOUTH INDUSTRIAL DEVELOPMENT CORPORATION 11.77 11.77 59271820941 N/A PLYMOUTH INDUSTRIAL DEVELOPMENT CORPORATION 11.13 11.13 59271820942 N/A PLYMOUTH INDUSTRIAL DEVELOPMENT CORPORATION 12.68 12.68 59271820957 N/A PLYMOUTH INDUSTRIAL DEVELOPMENT CORPORATION 1.63 1.63 59271820946 N/A PLYMOUTH INDUSTRIAL DEVELOPMENT CORPORATION 0.30 0.30 59271820960 N/A STATE OF WI DEPT OF TRANSPORTATION 9.39 0.00 59271820953 SARTORI WHEY CITY OF PLYMOUTH 1.99 0.00 59271820890 N/A LAWN BOY INC 23.39 23.39 59271820910 STATE HIGHWAY 57 LAWN BOY INC 24.14 24.14 59271820955 4200 CTH PP SFC-PLMOUTH LLC 22.31 22.31 59271820940 N/A LAWN BOY INC 5.52 5.52 59271820931 1001 SARTORI WHEY SARTORI REAL ESTATE LLC 2.00 2.00 59271821081 N/A CITY OF PLYMOUTH 4.60 4.60 59271821067 COUNTY ROAD PP CITY OF PLYMOUTH 0.40 0.40 59271821066 N/A CITY OF PLYMOUTH 1.14 1.14 59271821073 N/A CITY OF PLYMOUTH 3.36 3.36 59271822687 N/A CITY OF PLYMOUTH 2.67 0.00 59271820952 WILLOW ROAD SHEBOYGAN COUNTY 0.84 0.00 59271822693 N/A SHEBOYGAN COUNTY 0.89 0.89 59271820950 WILLOW RD & COUNTY RD CITY OF PLYMOUTH 12.75 59271820943 COUNTY ROAD PP CITY OF PLYMOUTH 1.09 TOTALS 189.75 161.02 Percentage of TID Area Suitable for Mixed Use Development (at least 50%) 85% Percentage of TID Area Not Suitable for Development 15% Wetland Acreage Removed from District Boundaries 30.23 Owner Acres Industrial Suitable Acres Parcel Number Address Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 12 SECTION 5: Equalized Value Test The following calculations demonstrate that the City expects to be in compliance with Wis. Stat. § 66.1105(4)(gm)4.c., which requires that the equalized value of the taxable property in the proposed District, plus the value increment of all existing tax in cremental districts, does not exceed 12% of the total equalized value of taxable property within the City . The equalized value of the increment of existing tax incremental districts within the City, plus the base value of the proposed District, totals $ 46,955,100. This value is less than the maximum of $ 151,383,516 in equalized value that is permitted for the City . Calculation of City Equalized Value Limit City TID IN Equalized Value (Jan. 1, 2025) 1,261,529,300 $ TID Valuation Limit @ 12% of Above Value 151,383,516 $ Calculation of Value Subject to Limit Estimated Base Value of Territory to be Included in District 10,707,000 $ Incremental Value of Existing Districts (Jan. 1, 2025) 36,248,100 $ Total Value Subject to 12% Valuation Limit 46,955,100 $ Total Percentage of TID IN Equalized Value 3.72% Residual Value Capacity of TID IN Equalized Value 104,428,416 $ Valuation Test Compliance Calculation City of Plymouth, Wisconsin Tax Increment District No. 11 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 13 SECTION 6: Statement Listing the Kind, Number and Location of All Proposed Public Works or Improvements Within the District Project Costs are any expenditure made, estimated to be made, or monetary obligations incurred or estimated to be incurred as outlined in this Plan. Project Costs will be diminished by any income, special assessments or other revenues, including user fees or charges, other than tax increments, received or reasonably expected to be received in connection with the implementation of the Plan. If Project Costs incurred benefit territory outside the District, a proportionate share of the cost is not a Project Co st. Costs identified in this Plan are preliminary estimates made prior to design considerations and are subject to change after planning, design and construction is completed. With all Project Costs, the costs of engineering, design, survey, inspection, materials, construction, restoring property to its original condition, apparatus necessary for public works, legal and other consultant fees, testing, environmental studies, perm its, updating City ordinances and plans, judgments or claims for damages and other expenses are included as Project Costs. The following is a list of public works and other tax incremental financing eligible Project Costs that the City expects to make, or may need to make, in conjunction with the implementation of the District’s Plan. The map found in Section 7 of this Plan al ong with the Detailed List of Project Costs found in Section 8 provide additional information as to the kind, number and location of potential Project Costs. Property, Right - of - Way and Easement Acquisition Property Acquisition for Development To promote and facilitate development the City may acquire property within the District. The cost of property acquired, and any costs associated with the transaction, are eligible Project Costs. Following acquisition, other Project Costs within the categor ies detailed in this Section may be incurred to make the property suitable for development. Any revenue received by the City from the sale of property acquired pursuant to the execution of this Plan will be used to reduce the total project costs of the Dis trict. If total Project Costs incurred by the City to acquire property and make it suitable for development exceed the revenues or other consideration received from the sale or lease of that property, the net amount shall be considered “real property assem bly costs” as Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 14 defined in Wis. Stat. § 66.1105(2)(f)1.c., and subject to recovery as an eligible Project Cost. Property Acquisition for Conservancy To promote the objectives of this Plan, the City may acquire property within the District that it will designate for conservancy. These conservancy objectives include: preserving historic resources or sensitive natural features; protection of scenic and hi storic views; maintaining habitat for wildlife; maintaining adequate open space; reduction of erosion and sedimentation by preserving existing vegetation; and providing adequate areas for management of stormwater. The cost of property acquired for conserva ncy, and any costs associated with the transaction, are eligible Project Costs. Acquisition of Rights - of - Way The City may need to acquire property to allow for installation of streets, driveways, sidewalks, utilities, stormwater management practices and other public infrastructure. Costs incurred by the City to identify, negotiate and acquire rights - of - way are el igible Project Costs. Acquisition of Easements The City may need to acquire temporary or permanent easements to allow for installation and maintenance of streets, driveways, sidewalks, utilities, stormwater management practices and other public infrastructure. Costs incurred by the City to identify, negotiate and acquire easement rights are eligible Project Costs. Relocation Costs If relocation expenses are incurred in conjunction with the acquisition of property, those expenses are eligible Project Costs. These costs may include, but are not limited to: preparation of a relocation plan; allocations of staff time; legal fees; public ation of notices; obtaining appraisals; and payment of relocation benefits as required by Wis. Stat. Chapter 32 and Wis. Admin. Code ADM 92. Site Preparation Activities Environmental Audits and Remediation If it becomes necessary to evaluate any land or improvement within the District, any cost incurred by the City related to environmental audits, testing, and remediation are eligible Project Costs . Demolition Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 15 To make sites suitable for development, the City may incur costs related to demolition and removal of structures or other land improvements, to include abandonment of wells or other existing utility services. Site Grading Land within the District may require grading to make it suitable for development, to provide access, and to control stormwater runoff. The City may need to remove and dispose of excess material, or bring in fill material to provide for proper site elevatio ns. Expenses incurred by the City for site grading are eligible Project Costs. Utilities Sanitary Sewer System Improvements To allow development to occur, the City may need to construct, alter, rebuild or expand sanitary sewer infrastructure within the District. Eligible Project Costs include, but are not limited to, construction, alteration, rebuilding or expansion of: collect ion mains; manholes and cleanouts; service laterals; force mains; interceptor sewers; pumping stations; lift stations; wastewater treatment facilities; and all related appurtenances. To the extent sanitary sewer projects undertaken within the District prov ide direct benefit to land outside of the District, the City will make an allocation of costs based on such benefit. Those costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the City construct, alter, rebuild or expand sanitary sewer infrastructure located outside of the District. That portion of the costs of sanitary sewer system projects un dertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs. Water System Improvements To allow development to occur, the City may need to construct, alter, rebuild or expand water system infrastructure within the District. Eligible Project Costs include, but are not limited to, construction, alteration, rebuilding or expansion of: distribut ion mains; manholes and valves; hydrants; service laterals; pumping stations; wells; water treatment facilities; storage tanks and reservoirs; and all related appurtenances. To the extent water system projects undertaken within the District provide direct benefit to land outside of the District, the City will make an allocation of costs based on such benefit. Those costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligib le Project Costs. Implementation of the Project Plan may also require that the City construct, alter, rebuild or Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 16 expand water system infrastructure located outside of the District. That portion of the costs of water system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs. Stormwater Management System Improvements Development within the District will cause stormwater runoff. To manage this stormwater runoff, the City may need to construct, alter, rebuild or expand stormwater management infrastructure within the District. Eligible Project Costs include, but are not l imited to, construction, alteration, rebuilding or expansion of: stormwater collection mains; inlets, manholes and valves; service laterals; ditches; culvert pipes; box culverts; bridges; stabilization of stream and river banks; and infiltration, filtratio n and detention Best Management Practices (BMP’s). To the extent stormwater management system projects undertaken within the District provide direct benefit to land outside of the District, the City will make an allocation of costs based on such benefit. T hose costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the City construct, alter, rebui ld or expand stormwater management infrastructure located outside of the District. That portion of the costs of stormwater management system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligi ble Project Costs. Electric Service To create sites suitable for development, the City may incur costs to provide, relocate or upgrade electric services. Relocation may require abandonment and removal of existing poles or towers, installation of new poles or towers, or burying of overhead el ectric lines. Costs incurred by the City to undertake this work are eligible Project Costs. Gas Service To create sites suitable for development, the City may incur costs to provide, relocate or upgrade gas mains and services. Costs incurred by the City to undertake this work are eligible Project Costs. Communications Infrastructure To create sites suitable for development, the City may incur costs to provide, relocate or upgrade infrastructure required for voice and data communications, Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 17 including, but not limited to: telephone lines, cable lines and fiber optic cable. Costs incurred by the City to undertake this work are eligible Project Costs. Streets and Streetscape Street Improvements To allow development to occur, the City may need to construct or reconstruct streets, highways, alleys, access drives and parking areas. Eligible Project Costs include, but are not limited to: excavation; removal or placement of fill; construction of road base; asphalt or concrete paving or rep aving; installation of curb and gutter; installation of sidewalks and bicycle lanes; installation of culverts, box culverts and bridges; rail crossings and signals; utility relocation, to include burying overhead utility lines; street lighting; installatio n of traffic control signage and traffic signals; pavement marking; right - of - way restoration; installation of retaining walls; and installation of fences, berms, and landscaping. Streetscaping and Landscaping To attract development consistent with the objectives of this Plan, the City may install amenities to enhance development sites, rights - of - way and other public spaces. These amenities include, but are not limited to: landscaping; lighting of streets, sidew alks, parking areas and public areas; installation of planters, benches, clocks, tree rings, trash receptacles and similar items; and installation of brick or other decorative walks, terraces and street crossings. These and any other similar amenities inst alled by the City are eligible Project Costs. Community Development Cash Grants (Development Incentives) The City may enter into agreements with property owners, lessees, or developers of land located within the District for sharing costs to encourage the desired kind of improvements and assure tax base is generated sufficient to recover Project Costs. No cas h grants will be provided until the City executes a developer agreement with the recipient of the cash grant. Any payments of cash grants made by the City are eligible Project Costs. Cont ribution to Community Development Authority (CDA) As provided for in Wis. Stat. § 66.1105(2)(f)1.h and Wis. Stat. § 66.1333(13), the City may provide funds to its CDA to be used for administration, planning operations, and capital costs, including but not limited to real property acquisition, related to the purposes for which it was established in furtherance of any redevelopment or urban renewal project. Funds provided to the CDA for this purpose are eligible Project Costs. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 18 Revolving Loan/Grant Program (Development Incentives) To encourage private development consistent with the objectives of this Plan, the City, through its CDA , may provide loans or grants to eligible property owners in the District. Eligible improvements will be those that are likely to improve the value of the property, enhance the visual appearance of the property and surrounding area, correct safety deficienci es, or as otherwise specified by the CDA in the program manual. Any funds returned to the CDA from the repayment of loans made are not considered reven ues to the District, and will not be used to offset District Project Costs. Instead, these funds may be placed into a revolving fund and will continue to be used for the program purposes stated above. Any funds provided to the CDA for purposes of implementing this program are considered eligible Project Costs. Miscellaneous Rail Spur To allow for development, the City may incur costs for installation of a rail spur or other railway improvements to serve development sites located within the District. Projects Outside the Tax Increment District Pursuant to Wis. Stat. § 66.1105(2)(f)1.n, the City may undertake projects within territory located within one - half mile of the boundary of the District provided that: 1) the project area is located within the City’s corporate boundaries; and 2) the projec ts are approved by the Joint Review Board. The cost of projects completed outside the District pursuant to this section are eligible project costs, and may include any project cost that would otherwise be eligible if undertaken within the District. The Cit y intends to make the following project cost expenditures outside the District: - New Drinking Well - $250,000 - Sanitary Force Main - $150,000 - WWTP Facilities Plan - $50,000 - WWTP Upgrades - $100,000 - Terciary Effluent Filtration - $500,000 Professional Service and Organizational Costs The costs of professional services rendered, and other costs incurred, in relation to the creation, administration and termination of the District, and the undertaking of the projects contained within this Plan, are eligible Project Costs. Professional ser vices include but are not limited to: architectural; environmental; planning; engineering; legal; audit; financial; and the costs of Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 19 informing the public with respect to the creation of the District and the implementation of the Plan. Administrative Costs The City may charge to the District as eligible Project Costs reasonable allocations of administrative costs, including, but not limited to, employee salaries. Costs allocated will bear a direct connection to the time spent by City employees relating to th e implementation of the Plan. Financing Costs Interest expense, debt issuance expenses, redemption premiums, and any other fees and costs incurred in conjunction with obtaining financing for projects undertaken under this Plan are eligible Project Costs. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 20 SECTION 7: Map Showing Proposed Improvements and Uses Map s Found on Following Page. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 21 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 22 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 23 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 24 SECTION 8: Detailed List of Estimated Project Costs The following list identifies the Project Costs that the City currently expects to incur in implementing the District’s Plan. All projects identified and related costs reflect the best estimates available as of the date of preparation of this Plan. All cos ts are preliminary estimates and may increase or decrease. Certain Project Costs listed may become unnecessary, and other Project Costs not currently identified may need to be made. (Section 6 details the general categories of eligible Project Costs). Chan ges in Project Cost totals or the types of Project Costs to be incurred will not require that this Plan be amended. T his Plan is not meant to be a budget nor an appropriation of funds for specific Project Costs, but a framework within which to manage Project Costs. Project ID Project Name/Type Phase I Ongoing Non-Project Costs Totals 1/2 Mile Est. Timing 1 New Drinking Well 250,000 1,550,000 250,000 250,000 2027 5 Water Main Reroute 325,000 325,000 2028 6 Sanitary Force Main 150,000 1,350,000 150,000 150,000 2027 11 WWTP Facility Plan 50,000 100,000 50,000 50,000 2026 9 New Road Construction 150,000 150,000 2028 11 WWTP Upgrades 100,000 34,900,000 100,000 100,000 2030 8 Terciary Effluent Filtration 500,000 4,500,000 500,000 500,000 2027 12 WPS Gas Main 400,000 400,000 2027 Interest on Long Term Debt 176,481 0 Financing Costs 57,850 0 Ongoing Planning & Administrative Costs 255,000 255,000 Total Projects 1,925,000 489,331 42,400,000 2,180,000 1,050,000 City of Plymouth, Wisconsin Tax Increment District No. 11 Detailed List of Estimated Project Costs Est. Cost Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 25 SECTION 9: Economic Feasibility Study, Description of the Methods of Financing Estimated Project Costs and the Time When Related Costs or Monetary Obligations are to be Incurred This Section includes a forecast of the valuation increases expected within the District, the associated tax increment collections, a summary of how Project Costs would be financed, and a projected cash flow demonstrating that the District is economically feasible. Key Assumptions The Project Costs the City plans to make are expected to create $ 4,700,000 million in incremental value by 2027, Estimated valuations and timing for construction of the Project are included in Table 1. Assuming the City’s current equalized TID Interim tax rate of $13.80 per thousand of equalized value, and no economic appreciation or depreciation, the Project would generate $1,264,530 in incremental tax revenue over the 20 - year term of the District as shown in Table 2 . Tab le 1 – Development Assumptions Annual Total 1 2026 2,350,000 2,350,000 2026 1 2 2027 2,350,000 2,350,000 2027 2 3 2028 0 2028 3 Totals 4,700,000 4,700,000 Construction Year Construction Year City of Plymouth, Wisconsin Tax Increment District No. 11 Development Assumptions Sartori Phase 1 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 26 Table 2 – Tax Increment Projection Worksheet Type of District Base Value 10,707,000 District Creation Date Economic Change Factor 0.00% Valuation Date Jan 1, 2026 Apply to Base Value Max Life (Years) Base Tax Rate 13.80$ End of Expenditure Period 15 7/28/2041 Rate Adjustment Factor 0.00% Revenue Periods/Final Year 20 2047 Extension Eligibility/Years Yes 3 Eligible Recipient District Construction Year Value Added Valuation Year Economic Change Total Increment Revenue Year Tax Rate1 Tax Increment 1 2026 2,350,000 2027 0 2,350,000 2028 $13.80 32,424 2 2027 2,350,000 2028 0 4,700,000 2029 $13.80 64,848 3 2028 0 2029 0 4,700,000 2030 $13.80 64,848 4 2029 0 2030 0 4,700,000 2031 $13.80 64,848 5 2030 0 2031 0 4,700,000 2032 $13.80 64,848 6 2031 0 2032 0 4,700,000 2033 $13.80 64,848 7 2032 0 2033 0 4,700,000 2034 $13.80 64,848 8 2033 0 2034 0 4,700,000 2035 $13.80 64,848 9 2034 0 2035 0 4,700,000 2036 $13.80 64,848 10 2035 0 2036 0 4,700,000 2037 $13.80 64,848 11 2036 0 2037 0 4,700,000 2038 $13.80 64,848 12 2037 0 2038 0 4,700,000 2039 $13.80 64,848 13 2038 0 2039 0 4,700,000 2040 $13.80 64,848 14 2039 0 2040 0 4,700,000 2041 $13.80 64,848 15 2040 0 2041 0 4,700,000 2042 $13.80 64,848 16 2041 0 2042 0 4,700,000 2043 $13.80 64,848 17 2042 0 2043 0 4,700,000 2044 $13.80 64,848 18 2043 0 2044 0 4,700,000 2045 $13.80 64,848 19 2044 0 2045 0 4,700,000 2046 $13.80 64,848 20 2045 0 2046 0 4,700,000 2047 $13.80 64,848 Totals 4,700,000 0 Future Value of Increment 1,264,530 Notes: 1) Tax rate shown is actual 2025/2026 rate per DOR Form PC-202 (Tax Increment Collection Worksheet). No City of Plymouth, Wisconsin Tax Increment District No. 11 Tax Increment Projection Worksheet Mixed Use July 28, 2026 20 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 27 Financing and Implementation The projects funded through this project plan will be financed both with long - term General Obligation Debt and advances from other funds. Table 3. provides a summary of the District’s financing plan. Table 3 – Financing Plan G.O. Promissory Note 2030 Projects Phase I 325,000 Total Project Funds 325,000 Estimated Finance Related Expenses 57,850 Total Financing Required 382,850 Estimated Interest 3.00% (2,438) Assumed spend down (months) 3 Rounding 4,588 Net Issue Size 385,000 City of Plymouth, Wisconsin Tax Increment District No. 11 Estimated Financing Plan DEBT ISSUES Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 28 Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 29 Based on the Project Cost expenditures as included within the cash flow exhibit (Table 4) , the District is projected to accumulate sufficient funds by the year 2045 to pay off all Project cost liabilities and obligations. The projected closure is based on the various assumptions noted in this Plan and wi ll vary dependent on actual Project Costs incurred and the actual amount of tax increments collected. Table 4 – Cash Flow Total $385,000 Debt Year Issue Total Service Year 2026 480,000 480,000 0 0 450,000 30,000 480,000 0 0 0 2026 2027 10,000 10,000 0 0 10,000 10,000 0 0 0 2027 2028 32,424 32,424 0 0 10,000 10,000 22,424 22,424 385,000 2028 2029 64,848 64,848 0 0 10,000 10,000 54,848 77,272 385,000 2029 2030 64,848 132,000 325,000 521,848 0 0 325,000 264,119 10,000 599,119 (77,271) 0 385,000 2030 2031 64,848 64,848 26,150 26,150 28,698 10,000 64,848 (0) 0 375,000 2031 2032 64,848 64,848 25,725 25,725 29,123 10,000 64,848 (0) (0) 365,000 2032 2033 64,848 64,848 25,300 25,300 29,547 10,000 64,847 1 0 355,000 2033 2034 64,848 64,848 24,875 24,875 29,973 10,000 64,848 (0) 0 345,000 2034 2035 64,848 64,848 24,450 24,450 30,398 10,000 64,848 (0) (0) 335,000 2035 2036 64,848 64,848 24,025 24,025 30,823 10,000 64,848 (0) (0) 325,000 2036 2037 64,848 64,848 33,388 33,388 21,460 10,000 64,848 0 (0) 305,000 2037 2038 64,848 64,848 32,538 32,538 22,310 10,000 64,848 0 0 285,000 2038 2039 64,848 64,848 31,688 31,688 3,549 10,000 45,237 19,611 19,611 265,000 2039 2040 64,848 64,848 40,625 40,625 10,000 50,625 14,223 33,834 235,000 2040 2041 64,848 64,848 39,350 39,350 15,000 54,350 10,498 44,332 205,000 2041 2042 64,848 64,848 38,075 38,075 10,000 48,075 16,773 61,104 175,000 2042 2043 64,848 64,848 36,800 36,800 10,000 46,800 18,048 79,152 145,000 2043 2044 64,848 64,848 35,525 35,525 10,000 45,525 19,323 98,475 115,000 2044 2045 64,848 64,848 34,250 34,250 10,000 44,250 20,598 119,073 85,000 2045 2046 64,848 64,848 42,763 42,763 10,000 52,763 12,085 131,158 45,000 2046 2047 64,848 64,848 45,956 45,956 20,000 65,956 (1,109) 130,049 0 2047 Totals 1,264,530 132,000 490,000 325,000 2,211,530 561,481 561,481 775,000 490,000 255,000 2,081,481 Totals Notes: City of Plymouth, Wisconsin Tax Increment District No. 11 Cash Flow Projection Advance from Other Funds Property Sales Tax Increments Debt Proceeds Ongoing Planning & Administratio Projected Expenditures Liabilities Outstanding PROJECTED CLOSURE YEAR Projected Revenues Total Revenues Balances Capital Projects Repayment of Advances 2030 G.O. Promissory Note Total Expenditures Annual Cumulative Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 30 SECTION 10: Annexed Property A tax incremental district cannot include annexed territory unless at least three years have elapsed since the annexation, or certain other requirements are met. None of the property within the proposed District boundary was annexed during the past three years. SECTION 11: Estimate of Property to Be Devoted to Retail Business Pursuant to Wis. Stat. § 66.1105(5)(b), the City estimates that less than 35% of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period. SECTION 12: Proposed Changes of Zoning Ordinances, Master Plan, Map, Building Codes and City Ordinances Zoning Ordinances The proposed Plan is in general conformance with the City’s current zoning ordinances. Individual properties may require rezoning at the time of development. Land within the District zoned industrial at the time of District creation will remain in a zoning classification suitable for industrial sites for the life of the District. Master (Comprehensive) Plan and Map The proposed Plan is in general conformance with the City’s Comprehensive Plan identifying the area as appropriate for industrial development. Building Codes and Ordinances Development within the District will be required to conform to State Building Codes and will be subject to the City's permitting and inspection procedures. The proposed Plan conforms to all relevant State and local ordinances, plans, and codes. No changes to the existing regulations are proposed or needed. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 31 SECTION 13: Statement of the Proposed Method for the Relocation of any Persons to be Displaced Should implementation of this Plan require relocation of individuals or business operations, relocations will be handled in compliance with Wis. Stat. Chapter 32 and Wis. Admin. Code ADM 92. SECTION 14: How Creation of the Tax Incremental District Promotes the Orderly Development of the City Creation of the District and the implementation of the projects in its Plan will promote the orderly development of the City by creating new industrial sites , providing necessary public infrastructure improvements , providing appropriate financial incentives for private development projects . Through use of tax increment financing, the City can attract new investment that results in increased tax base. Development will occur in an orderly fashion in accordance with approved plans so that the Projects will be compatible with adjacent land uses. Development of new uses in the District will add to the tax base and will generate positive secondary impacts in the community such as increased employment opportunities and maintaining large industries in the City . Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 32 SECTION 15: List of Estimated Non - Project Costs Non - project costs are public works projects which only partly benefit the District. Costs incurred that do not benefit the District may not be paid with tax increments. Examples of non - project costs are: • A public improvement made within the District that also benefits property outside the District. That portion of the total Project Costs allocable to properties outside of the District would be a non - project cost. • A public improvement made outside the District that only partially benefits property within the District. That portion of the total Project Costs allocable to properties outside of the District would be a non - project cost. • Projects undertaken within the District as part of the implementation of this Project Plan, the costs of which are paid fully or in part by impact fees, grants, special assessments, or revenues other than tax increments. T he Plan includes the following non - project costs: Project ID Project Name/Type Non-Project Costs Est. Timing 1 New Drinking Well 1,550,000 2027 5 Water Main Reroute 2028 6 Sanitary Force Main 1,350,000 2027 11 WWTP Facility Plan 100,000 2026 9 New Road Construction 2028 11 WWTP Upgrades 34,900,000 2030 8 Terciary Effluent Filtration 4,500,000 2027 12 WPS Gas Main 2027 Interest on Long Term Debt Financing Costs Ongoing Planning & Administrative Costs Total Projects 42,400,000 City of Plymouth, Wisconsin Tax Increment District No. 11 Detailed List of Estimated Project Costs Est. Cost Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 33 SECTION 16: Legal Opinion Advising Whether the Plan is Complete and Complies with Wis. Stat. § 66.1105(4)(f) Legal Opinion Found on Following Page. Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 34 NEED WET SIGNATURE & DATED LEGAL OPINION ON ATTORNEY LETTERHEAD SAMPLE Mayor City of Plymouth 128 Smith St Plymouth, Wisconsin 53073 RE: Project Plan for Tax Incremental District No. 11 Dear Mayor: Wisconsin Statute 66.1105(4)(f) requires that a project plan for a tax incremental financing district include an opinion provided by the City Attorney advising as to whether the plan is complete and complies with Wisconsin Statute 66.1105. As City Attorney for the City of Plymouth, I have been asked to review the above - referenced project plan for compliance with the applicable statutory requirements. Based upon my review, in my opinion, the Project Plan for the City of Plymouth Tax Increment al District No. 11 is complete and complies with the provisions of Wisconsin Statute 66.1105. Sincerely, City Attorney Tax Incremental District No. 11 Project Plan City of Plymouth Prepared by Ehlers Page | 35 SECTION 17: Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions The following projection is provided to meet the requirements of Wis. Stat. § 66.1105(4)(i)4. Revenue Year Sheboygan County City of Plymouth School District of Plymouth Lakeshore Technical College Total Revenue Year 2028 7,149 11,448 12,672 1,155 32,424 2028 2029 14,297 22,897 25,343 2,311 64,848 2029 2030 14,297 22,897 25,343 2,311 64,848 2030 2031 14,297 22,897 25,343 2,311 64,848 2031 2032 14,297 22,897 25,343 2,311 64,848 2032 2033 14,297 22,897 25,343 2,311 64,848 2033 2034 14,297 22,897 25,343 2,311 64,848 2034 2035 14,297 22,897 25,343 2,311 64,848 2035 2036 14,297 22,897 25,343 2,311 64,848 2036 2037 14,297 22,897 25,343 2,311 64,848 2037 2038 14,297 22,897 25,343 2,311 64,848 2038 2039 14,297 22,897 25,343 2,311 64,848 2039 2040 14,297 22,897 25,343 2,311 64,848 2040 2041 14,297 22,897 25,343 2,311 64,848 2041 2042 14,297 22,897 25,343 2,311 64,848 2042 2043 14,297 22,897 25,343 2,311 64,848 2043 2044 14,297 22,897 25,343 2,311 64,848 2044 2045 14,297 22,897 25,343 2,311 64,848 2045 2046 14,297 22,897 25,343 2,311 64,848 2046 2047 14,297 22,897 25,343 2,311 64,848 2047 Totals 278,794 446,484 494,197 45,056 1,264,530 Estimated portion of taxes that owners of taxable property in each taxing jurisdiction overlaying district would pay by jurisdiction. City of Plymouth, Wisconsin Tax Increment District No. 11