Number
100236
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution dissolving Tax Incremental District No. 23, City Hall Square, No. 38, South 5th and West Grange Avenue, and No. 69, New Avenue Commerce Center, and authorizing the distribution of excess incremental revenue to overlying taxing districts.
Analysis
This resolution dissolves the above districts because, in the case of TID No. 23, its Project Plan has been implemented, all costs have been incurred and it has generated sufficient revenue to retire all project costs, including outstanding indebtedness. In the case of the other districts, the projects no longer are expected to proceed in the foreseeable future. The combined incremental property value in these three districts, as of 2009, was $25,207,200, per the Wisconsin Department of Revenue. Upon dissolution of these districts, the above tax base will become available for general levy purposes.
Body
Whereas, The City of Milwaukee (“City”) created the following Tax Incremental Districts (“TIDs”) with the adoption of resolutions on the following dates:
TID No. 23 - resolution adopted March 8, 1994
TID No. 38 - resolution adopted April 11, 2000
TID No. 69 - resolution adopted May 8, 2007
; and
Whereas, The projects proposed in TID No. 23 have been completed, however, the projects in TID No. 38 and TID No. 69 were not commenced in the prescribed timeframe and the developers for such projects have not indicated plans to proceed in the foreseeable future; and
Whereas, Sufficient incremental revenue has been collected for TID No. 23 and TID No. 69, as of the 2009 tax levy, to cover project costs and to escrow funds to cover each district’s remaining outstanding debt, if any; and
Whereas, TID No. 38 did not incur any project costs; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that Tax Incremental District No. 23, No. 38 and No. 69 are hereby dissolved; and, be it
Further Resolved, That the City ...
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