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File #: 140903    Version: 0
Type: Resolution Status: Passed
File created: 9/23/2014 In control: COMMON COUNCIL
On agenda: Final action: 12/16/2014
Effective date:    
Title: Resolution authorizing a one year extension to the term of Tax Incremental District No. 30 (Westown/Library Hill) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2014 levy.
Sponsors: THE CHAIR
Attachments: 1. Fiscal Note, 2. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
12/16/20140 MAYOR SIGNED   Action details Meeting details Not available
12/16/20140 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Video Video
12/9/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Dennis Yaccarino, Budget and Management Office Sandra Rotar, Department of City Development
Pass5:0 Action details Meeting details Video Video
12/4/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/3/20140 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/23/20140 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
Number
140903
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution authorizing a one year extension to the term of Tax Incremental District No. 30 (Westown/Library Hill) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2014 levy.

Analysis
This resolution authorizes the increment received in 2015 for the 2014 levy for TID No. 30 (Westown/ Library Hill), predicted to be approximately $700,000, 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, Aat 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 i...

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