City of Milwaukee - File #: 150951

• File #: 150951
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 11/2/2015
• In control: COMMON COUNCIL
• Final action: 12/15/2015
• Title: Resolution authorizing a one year extension to the term of Tax Incremental District No. 20 (Florida Yards) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2015 levy.
• Sponsors: THE CHAIR
• Indexes: HOUSING, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
12/28/2015	0	MAYOR	SIGNED
12/15/2015	0	COMMON COUNCIL	ADOPTED	Pass	15:0
12/8/2015	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual appearing: Dennis Yaccarino, Budget & Management Division	Pass	5:0
12/1/2015	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/1/2015	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/1/2015	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/1/2015	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/2/2015	0	COMMON COUNCIL	ASSIGNED TO

Number
150951
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution authorizing a one year extension to the term of Tax Incremental District No. 20 (Florida Yards) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2015 levy.

Analysis
This resolution authorizes the increment received in 2016 for the 2015 levy for TID No. 20 (Florida Yards), predicted to be approximately $450,000, to be used to benefit affordable housing and improve housing stock in the City of Milwaukee.

Body
Whereas, Section 66.1105(6)(g), Wisconsin Statutes, provides that after the date on which a tax incremental district (“TID” or “district”) pays off the aggregate of all of its project costs, the life of the district may be extended for one year and the additional tax incremental revenues may be used to benefit affordable housing and improve housing stock in the City; and

Whereas, At least 75 percent of the increments received must benefit affordable housing in the city, and the remaining portion used to improve the city’s housing stock; and

Whereas, On September 24, 2013, the Common Council of the City of Milwaukee(“Common Council”) adopted File No. 130460, which created MCO Section 304-96 that provided for the extension of TIDs for one year to improve the City’s housing stock; and

Whereas, On May 13, 2014, the Common Council adopted File No. 131751, a substitute resolution establishing a framework for using tax increments to benefit affordable housing and improve housing stock in the City; and

Whereas, Since 2008, there has been a decline in the City’s residential tax base of over $4.5 billion and City government resources are being stretched to address the increasing numbers of foreclosed and vacant properties; and

Whereas, The Mayor and Common Council of the City of Milwaukee deem that protection and improvement of the City’s neighborhoods and housing stock is critical to ma...