Number
000873
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution dissolving Tax Incremental District No. 19 (Campus Neighborhood). (DCD)
Analysis
This resolution dissolves TID No. 19. Through 1999, TID No. 19 has generated $8,271,588 in revenue, exceeding its project expenditures, including future interest payments of $8,141,659. All project expenditures have been incurred and the District may, therefore, be dissolved. Dissolving the District will add $22,672,400 to the tax base for general levy purposes. The current surplus of $129,929, plus any incremental revenue collected from the 2000 levy, will be distributed in 2001 to all taxing jurisdictions in proportion to their levy on property in the City of Milwaukee.
Body
Whereas, Tax Incremental District No. 19 ("TID No. 19") was created as of January 1, 1992; and
Whereas, The 1999 financial statements for the City of Milwaukee's tax incremental districts concluded that the tax incremental revenue received from this District has exceeded the aggregate of all expenses made (or to be made) or monetary obligations incurred for project costs in the District; and
Whereas, Given that the incremental revenue from TID No. 19 will fully recover all of its respective project costs and interest payments, the City of Milwaukee is required to dissolve this District; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that Tax Incremental District No. 19 is dissolved, pursuant to Wisconsin Statutes, Section 66.1105(7)(b); and, be it
Further Resolved, That pursuant to Wisconsin Statutes, Section 66.1105(8)(a), the Commissioner of the Department of City Development and the Assessment Commissioner are authorized and directed to give notice to the Wisconsin Department of Revenue that TID No. 19 has been dissolved.
Drafter
DCD:JS:tda
10/10/00/A