Number
121327
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving Amendment No. 3 to the Project Plan for Tax Incremental District No. 22 (Beerline B), in the 3rd and 6th Aldermanic Districts.
Analysis
This resolution approves donating funds from TID No. 22 to TID No. 60 (Milwaukee Intermodal Station) and to TID No. 62 (DRS Power & Control Technologies, Inc.). TID Nos. 60 and 62 are not generating incremental revenue sufficient to amortize their project costs. It is proposed that TID No. 22 donate revenue to TID No. 60 to retire its outstanding indebtedness and to reduce the indebtedness of TID No. 62 from approximately $2.7 million to $1 million. TID No. 22 has sufficient surplus revenue to accomplish this with donations over five years.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin with amendments from other chapters of said laws created Section 66.1105, Wisconsin Statutes, titled “Tax Increment Law;” and
Whereas, Boundaries and a Project Plan for Tax Incremental District (“TID”) No. 22 (Beerline B) were approved by the Redevelopment Authority of the City of Milwaukee (“Authority”) and the Common Council of the City of Milwaukee (“Common Council”) in 1993; and
Whereas, Tax Increment Law allows tax incremental districts, under certain circumstances, to donate revenues to other tax incremental districts in the same municipality and, generally, these circumstances are:
The “Donor” and the “Recipient” districts must have the same overlying taxing jurisdictions.
The amendment to donate funds must be made before the Donor district has recovered all of its project costs.
The Recipient district must have been created upon a finding that not less than 50 percent, by area, of the real property in the district is blighted, or is in need of rehabilitation; or, its project plan provided funds to create or rehabilitate low-cost housing or to remediate environmental contamination.
The Donor district, once establi...
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