powered help
header-left header-center header-right
Share to Facebook Share to Twitter Bookmark and Share
File #: 211737    Version: 0
Type: Resolution Status: Passed
File created: 3/1/2022 In control: COMMON COUNCIL
On agenda: Final action: 3/22/2022
Effective date:    
Title: Resolution dissolving Tax Incremental District No. 65 (20th & Brown) and authorizing the City Comptroller to distribute excess incremental revenue to overlying taxing districts.
Sponsors: THE CHAIR
Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING
Attachments: 1. Fiscal Impact Statement, 2. Hearing Notice List

Number

211737

Version

ORIGINAL

Reference

 

Sponsor

THE CHAIR

Title

Resolution dissolving Tax Incremental District No. 65 (20th & Brown) and authorizing the City Comptroller to distribute excess incremental revenue to overlying taxing districts.

Analysis

This resolution dissolves the above Tax Incremental District because it has generated sufficient revenue to retire all project costs, including outstanding indebtedness.  Upon dissolution, $864,900 of tax base will become available for general levy purposes.

Body

Whereas, The City of Milwaukee (“City”) created Tax Incremental District No. 65 (“TID No. 65” or “District”) via Common Council File No. 051275 on February 7, 2006; and

 

Whereas, Sufficient incremental revenue has been collected for the District to cover project costs for TID No. 65 and to 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 TID No. 65 is hereby dissolved; and, be it

 

Further Resolved, That the City Clerk shall notify the Wisconsin Department of Revenue within 60 days of adoption of this resolution that the above District has been terminated; and, be it

 

Further Resolved, That the City Clerk shall sign the required Wisconsin Department of Revenue final accounting form agreeing on the date by which the City shall send final audit information to the Wisconsin Department of Revenue; and, be it

 

Further Resolved, That the City Comptroller shall distribute any excess incremental revenue collected, after providing for ongoing expenses of the District, to the affected taxing jurisdictions with proportionate share to be determined from the final audit by the City’s auditors.

Requestor

Department of City Development

Drafter

DCD:David.Schroeder:dp

03/01/22/C