Number
090706
Version
ORIGINAL
Reference
Sponsor
ALD. BOHL
Title
Resolution directing the Commissioner of City Development to prepare amendments to project plans for tax incremental districts likely to be closed out in 2011 or 2012.
Analysis
This resolution directs the Commissioner of City Development to prepare, for tax incremental districts 34, 40, 42, 47 and 55 (the districts likely to be closed out in 2011 or 2012) an amendment to the project plan for each district such that the project plan includes, in the “statement of the kind, number, location of all proposed public works or improvements” and the “detailed list of estimated project costs” required by s. 66.1105(4)(f), Wis. Stats., all street-paving projects anticipated to occur within the district or within one half-mile of the district’s boundaries in 2011, 2012, 2013, 2014, 2015 or 2016, as identified by the City’s most current 6-year local street paving program. Street-paving projects shall be added to the project plan for a tax incremental district only to the extent that the additional project costs can be recovered within the maximum statutory tax incremental district lifespan of 27 years.
The Commissioner of City Development shall prepare these project plan amendments and submit them to the Common Council for review and approval within 60 days of the date of adoption of this resolution.
Body
Whereas, Section 66.1105(2)(f), Wis. Stats., allows for tax incremental financing to be used to fund the costs of public works or improvements outside a tax incremental district (“TID”) but within one-half mile of the district’s boundaries; and
Whereas, This statutory provision presents an opportunity for the City of Milwaukee to use tax incremental financing to fund street paving and construction projects within one-half mile of TID boundaries, thereby freeing up street paving dollars in the City’s regular capital budget for use on street projects in areas more than one-half mile from a TID; ...
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