Development of the Rice Lake Business Park began in 1995 when Red Cedar Development Corporation noted that there were fewer than 60 acres of land in the city’s existing industrial park, and that none of the parcels were larger than 20 acres. Land on both the northwestern and southwestern ends of the city was considered for a new industrial park, but land at the north end was available while suitable land on the south side was not for sale. It was also believed that a Northside industrial park would help the city grow to the north to help offset the southern growth trend. Continued growth to the south would result in an elongated city, which is expensive to serve with utilities and police and fire protection.
Land was acquired for the Rice Lake Business Park, and a 335-acre Tax Increment District (TID), called TID#2, was created to finance the project. TID#2 extends west and south along the east side of U.S. Highway 53, through the area known as Sherwood Forest, and along the north side of State Highway 48 through the interchange with U.S. Highway 53.
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