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Dermody Properties TID posts first increment; MRO created for Phase 1 work
Summary
Pleasant Prairie staff reported TID No. 10 recorded its first tax increment in 2025 (~$414,003) and that an MRO for $3.8M was created to Dermody 95th Street LLC to fund Phase 1 site improvements; the board received and filed the report.
Cathy, the village finance director, told the Joint Review Board that Tax Increment District No. 10 (Dermody Properties) had no revenue in 2023 or 2024 but recorded its first tax increment in 2025 of $414,003.43.
"This is the first year that it has a tax increment of $414,003.43," Cathy said. She reported investment income of nearly $10,000 for total 2025 revenues of about $424,000 and that the MRO created Jan. 1, 2025 was for $3.8 million paid to Dermody 95th Street LLC to fund Phase 1 improvements on the former Wheat Energy coal-fired power plant site.
Cathy said MRO interest is calculated as prime plus 2 or 8, whichever is lower, and is currently about 8%. The MRO balance was reported near $3.0 million. Projects currently identified include a 95th Street shared-use path and sidewalk on 80th Street. The board voted to receive and file the report.
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