Number
200751
Version
ORIGINAL
Reference
Sponsor
ALD. STAMPER
Title
Resolution directing the Department of Administration - Intergovernmental Relations Division to seek introduction and passage of State legislation to allow tax incremental district tax revenue increments to be deposited into a central city commercial and residential development fund and to provide property tax relief for central city property owners who have been affected by large property tax increases.
Analysis
This resolution directs the Department of Administration - Intergovernmental Relations Division to seek introduction and passage of State legislation to allow tax incremental district tax revenue increments to be deposited into a central city commercial and residential development fund and to provide property tax relief for central city property owners who have been affected by large property tax increases.
Body
Whereas, Under Section 66.1105, Wis. Stats., revenue produced from a tax incremental district (TID) is generally restricted for usage within that particular TID area or within a one-half mile radius of the TID boundary; and
Whereas, Current state law allows for some exceptions to TID revenue usage, including a city’s ability to extend the life of a TID for one year after all project costs have been paid off and to use the additional tax increment to improve the housing stock at any location in the city; and
Whereas, A large share of the City of Milwaukee’s TIDs are located in and produce revenue in or near the Downtown area; and
Whereas, Redirecting a portion of revenue generated through TIDs, such as 10 percent, to historically disinvested neighborhoods of the city would provide a critical boost to commercial and residential projects that are underway or proposed in those areas; and
Whereas, Creating a commercial and residential development fund would give the City, including the Department of City Development, a flexible resource to bolster neighborhood re...
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