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File #: 081519    Version:
Type: Resolution Status: Passed
File created: 3/3/2009 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 6/16/2009
Effective date:    
Title: Substitute resolution dissolving Tax Incremental District Nos. 21, 24 and 45 and authorizing the distribution of excess incremental revenue to overlying taxing districts.
Sponsors: THE CHAIR
Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING
Attachments: 1. Fiscal Note, 2. Fiscal Note Attachment
Number
081519
Version
SUBSTITUTE 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution dissolving Tax Incremental District Nos. 21, 24 and 45 and authorizing the distribution of excess incremental revenue to overlying taxing districts.
Analysis
This substitute resolution dissolves three tax incremental 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 2008, was $61,269,500, 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. 21 (North Avenue Commerce Center) adopted on December 22, 1993

TID No. 24 (Riverworks) adopted on June 28, 1994

TID No. 45 (Wilson Commons) adopted on September 5, 2001

; and

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

Whereas, Sufficient incremental revenue has been collected for each district, as of the 2008 tax levy, to cover project costs for TID Nos. 21, 24 and 45 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. 21, 24 and 45 are 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 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 accounting form agreeing on the date by which the City shall send final audit ...

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