Number
090259
Version
ORIGINAL
Reference
Sponsor
ALD. BOHL
Title
Resolution directing the Commissioner of City Development, the City Comptroller and the Commissioner of Assessments to provide financing information regarding tax incremental districts likely to be closed out in 2010 and 2011.
Analysis
This resolution directs the Commissioner of City Development, the City Comptroller and the Commissioner of Assessments to provide, for 9 tax incremental districts likely to close out in 2010 or 2011, the following information to the Common Council:
Commissioner of City Development - The expected date at which the amount of tax increment collected will be sufficient to retire the debt incurred for expenditures authorized when the TID was created or amended.
City Comptroller - An analysis of the borrowing schedule for the TID, which is necessary to accurately project the remaining debt service costs for the TID.
Commissioner of Assessments - A forecast of the likely property value of the district in future years, which will indicate whether the existing incremental tax revenues from the district are likely to be sustained.
This information shall be provided within 15 days or 90 days of adoption of this resolution, depending on whether the district is expected to close out in 2010 or 2011, respectively.
Body
Whereas, The Wisconsin Statutes allow for tax incremental financing to be used to fund the costs of public works or improvements outside a tax incremental district (“TID”) but within one-half mile of the district’s boundaries; and
Whereas, This statutory provision presents an opportunity for the City of Milwaukee to use tax incremental financing to fund street paving and construction projects within one-half mile of TID boundaries, thereby freeing up street paving dollars in the City’s regular capital budget for use on street projects in areas more than one-half mile from a TID; and
Whereas, To fund street projects in this manner, the project pla...
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