City of Milwaukee - File #: 010086

• File #: 010086
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 5/8/2001
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 11/6/2001
• Title: Resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 5 (Theater District).
• Sponsors: THE CHAIR
• Indexes: PLANNING, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
11/15/2001	0	MAYOR	SIGNED
11/6/2001	0	COMMON COUNCIL	ADOPTED	Pass	17:0
10/30/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
10/19/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/9/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	NOT ACTED ON
7/10/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
6/27/2001	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
5/10/2001		ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	REFERRED TO
5/8/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
010086
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 5 (Theater District).
Analysis
This resolution will authorize excess revenues from Tax Incremental District No. 5 to be donated to TID No. 20 (Florida Yards), TID No. 21 (North Avenue Commerce Center), and TID No. 30 (Westown Village/Library Hill).
Body
Whereas, Tax Incremental District No. 5 ("TID No. 5") was approved by the Common Council on January 15, 1985; and, through December 31, 2000, tax incremental revenue received from this district has exceeded all project costs incurred for this district such that the district has now generated sufficient funds to retire all of its obligations and has a surplus of $1,845,718; and

Whereas, Wisconsin Statutes, Section 1105.46, allows tax incremental districts to donate revenues to other tax incremental districts in the same municipality, provided the following circumstances are met:

1. The "donor" and the "recipient" districts must have the same overlying taxing jurisdictions.

2. The donor and recipient districts must have been created before October 1, 1996, if located within a city of the first-class.

3. The amount of donated funds may not exceed the difference between the tax incremental revenue collected by the donor district, and the funds needed to pay the donor's project costs in that given year; and the donation of funds may be made for a period of five years, and extended for up to five years, all with the consent of the Common Council and the Joint Review Board for the Tax Incremental District; and

Whereas, Amendment No. 1 to the Project Plan for TID No. 5 proposes specific donations to three districts, in such amounts necessary to permit these districts to recover their respective project costs within their remaining statutory lives, these districts being TID No. 20 (Florida Yards), TID No. 21 (North Avenue Commerce ...