Number
211434
Version
Original
Reference
Sponsor
ALD. JOHNSON
Title
Resolution authorizing a one year extension to the term of Tax Incremental District No. 52 (Sigma-Aldrich Corporation) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2021 levy.
Analysis
This resolution authorizes the increment received for the 2021 levy for TID No. 52 (Sigma-Aldrich Corporation), predicted to be approximately $450,000, 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; and
Whereas, The city created TID No. 52 in 2003; and
Whereas, TID No. 52, has collected sufficient incremental revenue to cover the aggregate of all its project costs, including paving costs, if applicable, and escrow funds to cover the District’s remaining outstanding debt; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the term of TID 52 is herewith extended for twelve months with the resulting incremental revenue to be used to benefit affordable housing in the city and improve the city’s housing stock; and, be it
Further Resolved, That the City Clerk shall forward a copy of this resolution to the Wisconsin Department of Revenue; and, be it
Further Resolved, That the City Comptroller is directed to establish all accounts and to make all appropriation transfers upon request by the Department of City Development for all revenue or expenditure activity under this resolution.
Drafter
Budget and Management Division
Ref: 2022 BF, 3B; Dennis Yaccarino
December 28, 2021
22budget/2022budget resolutions/Housing Resolution for TID 52.RTF
Technical Correction
Chris Lee
02/02/2022