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ECONOMIC CONDITION AND OUTLOOK Recent unemployment rates have increased in the Milwaukee metropolitan area as throughout the nation. However Ozaukee Countys 2014 unemployment rate decreased to 3.5 percent compared to the 2013 unemployment rate of 4.5 percent. The Ozaukee County rate remains lower than the Wisconsin and Federal unemployment rates of 5.2 and 6.2 percent respectively. The Villages tax base increased in valuation from 2013 to 2014 by approximately 53 million or an overall increase of 4.8 percent. Of the 4.8 percent increase approximately 0.8 percent represented an offsetting increase in values due to new construction with an increase in value representing 4.0 percent. In 2014 the Village had 32.6 million of valuation in building permits 13.4 million more than the building permit valuation in 2013. New residential construction totaled 4.8 million in 2014 an increase of 0.1 million in comparison to 2013. Permits for commercial construction accounted for 52 percent of 2014 construction valued at 16.8 million. Residential construction including single and multi-family buildings accounted for 41 percent or 13.5 million of construction valuation. Industrial and tax-exempt construction made up the remaining 7 percent or 2.3 million. The Tax Incremental District TID No. 2 Grafton Business Park was created on June 3 1996 to provide for the installation of public improvements to promote industrial and related office development in the Grafton Business Park. Wisconsin Statutes allow the Village to receive tax increments until the net project costs are fully recovered or until a date 27 years after the formation of the District whichever occurs first. The public improvements were substantially completed in 1997 and eight industrial or office projects have been constructed within the district. As of January 1 2014 the tax incremental district equalized value increase between the tax incremental base value of 1996 and the current equalized value of all taxable property within TID No. 2 is 17.7 million. The Village approved an amendment to the original plan in 2009 to include the ability of the district to donate funds to TID No. 3 Downtown Redevelopment. In 2011 the Village approved an additional amendment to include the property where Regal Beloit office building was constructed in 2012. This property was integral in solidifying the economic development of the Village. TID No. 3 Downtown Redevelopment was created on May 3 1999 to provide for the infrastructure improvements traffic circulation public parking streetscape improvements pedestrian amenities and way-finding improvements necessary to stimulate private reinvestment and redevelopment within the downtown area. As part of this effort a Community Development Authority CDA was created in 1999. The CDA has been a volunteer organization involved in the planning and development process. In 2000 five properties were acquired at the intersection of 12th Avenue and Washington Street and the structures razed. Two of these properties were sold in 2001 for the development of a full service bank BMO Harris Bank with additional non-bank offices. The property at the northwest corner was sold in 2004 for the construction of a 5000 square foot office building. The remaining properties were sold in 2005 for the construction of two mixed use buildings 22000 and 12400 square feet respectively. In 2004 the Village acquired one property on 11th Avenue which was sold for the construction of a 44 unit condominium The Heritage of Grafton completed in 2005. 3