Sponsor
Alderman Shakoor
Title
Tax Incremental District 8 (TID 8)
WHEREAS, the City of Racine is implementing a Neighborhood Revitalization Strategy Area (NRSA) for the neighborhoods surrounding the Uptown Commercial District and has specific plans to improve the housing stock in the neighborhoods by building new homes and renovating vacant homes;
WHEREAS, the City of Racine has also developed programs to assist low-income homeowners in fixing up their homes and in complying with property maintenance codes;
WHEREAS, HOME and CDBG funding from the Federal Government decreases every year and our Department of City Development continues to look for innovative ways to pay for housing improvements for our neighborhoods;
WHEREAS, The City of Racine created Tax Increment Financing District (TID) #8 in 1990 and has completed implementation of the Project Plan and has paid off the aggregate of all its project costs; and
WHEREAS, State of Wisconsin Statutes require that a TID be terminated after 27 years and after all project costs have been paid off, except that under Wisconsin Statutes, Section 66.1105(6)(g), a TID may be extended for up to one (1) year to utilize the last year of tax increment to improve the City’s housing stock.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Racine that protection and improvement of the City’s housing stock is critical to maintaining property values and encouraging investment in City neighborhoods.
BE IT FURTHER RESOLVED that neighborhood housing programs, such as the City of Racine’s program to build new homes and renovate vacant homes, benefits all residents by helping to stabilize the neighborhoods and improve property values in transitional and distressed neighborhoods;
BE IT FURTHER RESOLVED that tax increment is available in TID #8 to fund both a NRSA-based Housing program and a Code Compliance Grant program, which are housing improvement programs permitted under Wisconsin Statutes, Section 66.1105(6)(g)3.
BE IT FURTHER RESOLVED that the City of Racine will extend the life of TID #8 for 12 months in order to utilize the final year’s increment to fund housing programs to improve the housing stock of the City.
Fiscal Note: TID 8 would provide approximately $625,000 of increment from all taxing bodies between July 2017 and July 2018, if it were extended. Funds would be available for use in Fiscal Year 2019 and will only be available for affordable housing programs/development.