NUMB:
970258
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution dissolving Tax Incremental District No. 13 (Schlitz Park River Center).
ANLS:
- Analysis -
Tax Incremental District No. 13 will realize a surplus of $147,800 after all currently encumbered funds are expended. The District may therefore be dissolved. This will make the $32,523,500 of incremental property value in the District available for general levy purposes. Break-even analysis for the District is attached.
BODY:
Whereas, Tax Incremental District No. 13 ("District") was created as of January 1, 1989; and
Whereas, The City Comptroller and the Commissioner of the Department of City Development have reported that tax incremental revenues received from this District, to date, will exceed the aggregate of all expenses made (or to be made) or monetary obligations incurred for project costs in the District; and
Whereas, Given that incremental revenue from this District will fully recover all of its respective project costs and interest payments, the City of Milwaukee is required to dissolve the District; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that Tax Incremental District No. 13 is dissolved pursuant to Section 66.46(7)(b), Wisconsin Statutes; and, be it
Further Resolved, That pursuant to Section 66.46(8)(a), Wisconsin Statutes, the Commissioner of the Department of City Development and the Assessment Commissioner are authorized and directed to give notice to the Department of Revenue that Tax Incremental District No. 13 has been terminated.
ZDPT:
DFTR:
DCD/JS/arj
05/13/97/B
CATTS/arj
05/13/97/B
CATT