City of Milwaukee - File #: 070203

• File #: 070203
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 5/8/2007
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 7/11/2007
• Title: Resolution dissolving Tax Incremental District Nos. 25 (Calumet Woods Business Park), 32 (King Drive) and 36 (Granville Park) and authorizing the City Treasurer to distribute excess incremental revenue to overlying taxing districts.
• Sponsors: THE CHAIR
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
7/18/2007	1	MAYOR	SIGNED
7/11/2007	1	COMMON COUNCIL	ADOPTED	Pass	14:0
7/3/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	AMENDED; Minutes note: Amended: 1. In the title, reference to the City Treasurer is deleted and the City Comptroller is inserted because it is the Comptroller, not the Treasurer, who distributes excess incremental revenue to overlying taxing districts. 2. The last Further Resolved clause which referenced the City Treasurer is deleted for the same reason. The clause to be deleted reads as follows: "Further Resolved, That the City Treasurer shall distribute any excess incremental revenue collected, after providing for ongoing expenses of the districts, to the affected taxing jurisdictions with proportionate shares to be determined by final audit of the City's auditors."	Pass	4:0
7/3/2007	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
6/26/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/12/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
6/5/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
5/22/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Ald. Murphy needs to resolve some issues related to the excess revenue prior to adoption.	Pass	3:0
5/15/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
5/8/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
070203
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution dissolving Tax Incremental District Nos. 25 (Calumet Woods Business Park), 32 (King Drive) and 36 (Granville Park) and authorizing the City Treasurer to distribute excess incremental revenue to overlying taxing districts.
Analysis
This resolution dissolves the above three districts because their Project Plans have been implemented, all costs have been incurred and they have generated sufficient revenue to retire all project costs including indebtedness outstanding for the respective districts. The combined incremental property value in these three districts, as of 2006, was $65,790,800, per the Wisconsin Department of Revenue. Upon dissolution of these districts, the above tax base will become available for general levy purposes.
Body
Whereas, The City of Milwaukee (“City”) created the following Tax Incremental Districts (“TIDs”) with the adoption of resolutions on the following dates:

TID No. 25 - resolution adopted June 28, 1994

TID No. 32 - resolution adopted September 24, 1996

TID No. 36 - resolution adopted April 7, 1998

; and

Whereas, All of the projects in the above districts were completed in the prescribed allowed timeframe; and

Whereas, Sufficient incremental revenue has been collected for each district, as of the 2006 tax levy, to cover project costs for TID Nos. 25, 32 and 36 and to escrow funds to cover each district’s remaining outstanding debt; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that Tax Incremental District Nos. 25, 32 and 36 are hereby dissolved; and, be it

Further Resolved, That the City Clerk shall notify the Wisconsin Department of Revenue within 60 days of adoption of this resolution, or prior to the deadline of May 15, 2007, whichever comes first, that the above districts have been terminated; and, be it

Further Resolved, That the City Clerk shall sign the required Wisconsin Department of Revenue final...