City of Milwaukee - File #: 031616

• File #: 031616
• Version: 3
• Type: Ordinance
• Status: Passed
• File created: 3/2/2004
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 2/22/2005
• Effective date: 3/11/2005
• Title: A substitute ordinance relating to authorization of expenditures for tax incremental districts.
• Sponsors: ALD. MURPHY
• Indexes: PLANNING, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
11/26/2013		COMMON COUNCIL	REFERRED TO
3/10/2005	3	CITY CLERK	PUBLISHED
3/3/2005	3	MAYOR	SIGNED
2/22/2005	3	COMMON COUNCIL	PASSED	Pass	15:0
2/15/2005	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED	Pass	4:0
2/15/2005	3	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR PASSAGE	Pass	5:0
2/8/2005	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/8/2005	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
2/8/2005	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
1/31/2005	2	CITY CLERK	DRAFT SUBMITTED
12/23/2004	1	CITY CLERK	DRAFT SUBMITTED
3/2/2004	0	COMMON COUNCIL	ASSIGNED TO

Number
031616
Version
SUBSTITUTE 3
Reference

Sponsor
ALD. MURPHY AND DAVIS
Title
A substitute ordinance relating to authorization of expenditures for tax incremental districts.
Sections
304-93 cr
Analysis
This substitute ordinance establishes a procedure by which the common council may approve expenditures of city funds for a particular tax incremental district.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:

Part 1. Section 304-93 of the code is created to read:

304-93. Tax Incremental Districts-Authorized Funding.
1. PURPOSE. This section is enacted to provide for common council review and approval of expenditures of city funds for any tax incremental district.

2. CITY AUTHORIZED FUNDING. a. In the resolution creating a tax incremental district, the common council shall specify the amount of city funds authorized to be spent to implement the project plan.
b. Effective May 15, 2005, a tax incremental district shall have an authorized funding amount equal to 110 percent of the sum of funding not exceeding $1,000,000 explicitly authorized by resolutions for that district. Nothing in this paragraph shall cause the withdrawal of funding that has been released for a tax incremental district prior to May 15, 2005.

3. FUNDING RESOLUTIONS. A resolution authorizing funds to be expended for a tax incremental district shall contain within the body of the resolution the explicit amount of funds authorized to be expended. Unless the resolution states the amount is in addition to amounts previously authorized, the funding amount shall be deemed to be the new limit on total city funding for that tax incremental district. The city comptroller shall define and add to the resolution the funding amount to cover financing expenses.

4. PROCEDURE FOR INCREASING FUNDING. The expenditure of city funds for a particular tax incremental district in excess of amounts previously authorized for a dis...