Number
231707
Version
ORIGINAL
Reference
160297
Sponsor
THE CHAIR
Title
Resolution dissolving Tax Incremental District No. 88 (4th and Wisconsin) and authorizing the City Comptroller to distribute excess incremental revenue to overlying taxing districts, in the 4th Aldermanic District.
Analysis
This resolution dissolves the above Tax Incremental District because the project did not move forward and no funds were expended nor costs incurred. Upon dissolution, $1.2 million of tax base will become available for general levy purposes.
Body
Whereas, The City of Milwaukee (“City”) created Tax Incremental District No. 88 (“TID No. 88” or “District”) via Common Council File No. 160297 on July 6, 2016; and
Whereas, No project proceeded and no costs were incurred for TID No. 88; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that Tax Incremental District No. 88 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-ja
02/27/24/A