Number
160745
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing a one year extension to the term of Tax Incremental District No. 27 (Clark Square) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2016 levy.
Analysis
This resolution authorizes the increment received in 2017 for the 2016 levy for TID No. 27 (Clark Square), predicted to be approximately $260,000, 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, at 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, the Mayor and Common Council of the City of Milwaukee deem that protection and improvement of the city’s neighborhoods and housing stock is critical to maintaining a healthy and sustainable community and this funding will help support the housing priorities of Milwaukee’s Housing Trust Fund, Strong Neighborhoods Investment Partnership, and Federally Ineligible Areas and Homeowners; ...
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