Number
251905
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution dissolving Tax Incremental District No. 42 (Midtown) and authorizing the City Comptroller to distribute excess incremental revenue to overlying taxing districts.
Analysis
This resolution dissolves the above Tax Incremental District because it has generated sufficient revenue to retire all project costs, including outstanding indebtedness. Upon dissolution, $39,818,800 of tax base will become available for general levy purposes.
Body
Whereas, The City of Milwaukee (“City”) created Tax Incremental District No. 42 (“TID No. 42” or “District”) via Common Council File No. 000806 on November 28, 2000; and
Whereas, Sufficient incremental revenue has been collected for the District to cover project costs for TID No. 42; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that Tax Incremental District No. 42 is hereby dissolved; and, be it
Further Resolved, That the City Clerk shall notify the Wisconsin Department of Revenue within 60 days of adoption of this resolution that the above District has been terminated; and, be it
Further Resolved, That the City Clerk shall sign the required Wisconsin Department of Revenue final accounting form agreeing on the date by which the City shall send final audit information to the Wisconsin Department of Revenue; and, be it
Further Resolved, That the City Comptroller shall distribute any excess incremental revenue collected, after providing for ongoing expenses of the District, to the affected taxing jurisdictions with proportionate share to be determined from the final audit by the City’s auditors.
Requestor
Department of City Development
Drafter
DCD:David.Schroeder:ds
03/03/26/B