Sponsor
Alderman Wiser
Title
Amendment of Project Plan for TID No. 10
WHEREAS, Tax Incremental District No. 10 (the "District") in the City of Racine, Wisconsin ("City") was created by the City on April 14, 2003 as an industrial district; and
WHEREAS, the City has initiated action to designate the District as distressed; and
WHEREAS, allocation of positive tax increments from Tax Incremental Districts Nos. 8 & 9 to the District would enhance the ability of the City to pay the District's project costs; and
WHEREAS, the Plan Commission has prepared an amended Project Plan for the District (the "Amendment") reflecting its distressed status and which includes:
a. A statement listing of the kind, number and location of all proposed public works or improvements within the District, or to the extent provided in Sections 66.1105(2)(f)1.k. and 66.1105(2)(f)1.n., Wisconsin Statutes, outside of the District;
b. An economic feasibility study;
c. A detailed list of estimated project costs;
d. A description of the methods of financing all estimated project costs and the time when the related costs or monetary obligations are to be incurred;
e. A map showing existing uses and conditions of real property in the District;
f. A map showing proposed improvements and uses in the District;
g. Proposed changes of zoning ordinances, master plan, map, building codes and City ordinances;
h. A list of estimated non-project costs;
i. A statement of the proposed plan for relocation of any persons to be displaced;
j. A statement indicating how the Amendment of the district promotes the orderly development of the City;
k. An opinion of the City Attorney or of an attorney retained by the City advising that the plan is complete and complies with Section 66.1105(4)(f)., Wisconsin Statutes; and
WHEREAS, in accordance with the procedures specified in Section 66.1105, Wisconsin Statutes (the "Tax Increment Law"), prior to its publication, a copy of the notice of public hearings were sent to the chief executive officers of Racine County, the Racine Unified School District, and the Gateway Technical College District, and any other entities having the power to levy taxes on property located within the District; and
WHEREAS, in accordance with the procedures specified in the Tax Increment Law, the Plan Commission, on October 10, 2012 held a public hearing concerning the proposed Amendment to the Project Plan, providing interested parties a reasonable opportunity to express their views thereon; and
WHEREAS, after said public hearing, the Plan Commission adopted, and subsequently recommended approval to the Common Council an amended Project Plan for the District; and
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Racine that:
1. The boundaries of "Tax Incremental District No. 10, City of Racine," remain unchanged.
2. That this Project Plan Amendment shall become effective as of the date of adoption of this resolution provided that it is further approved by the Standing Joint Review Board.
3. The Common Council finds and declares that:
a. Not less than 50%, by area, of the real property within the District, as amended, is suitable for industrial sites and zoned for industrial use within the meaning of Section 66.1101, Wisconsin Statutes.
b. Based upon the findings, as stated in 3.a. above, and the original findings as stated in the Resolution creating the District, the District remains declared as an industrial district based on the identification and classification of the property included within the District.
c. There are no additional improvements as a result of this amendment.
d. The amount of retail businesses will not change as a result of this amendment.
e. The project costs will not change as a result of this amendment.
f. Any real property within the District that is found suitable for industrial sites and is zoned for industrial use will remain zoned for industrial use for the life of the District.
4. The amended Project Plan for "Tax Incremental District No. 10, City of Racine" is approved, and the City further finds the Plan is feasible and in conformity with the master plan of the City.
BE IT FURTHER RESOLVED THAT the City Clerk is hereby authorized and directed to notify the Wisconsin Department of Revenue, within 60 days of adoption of the amendment, that this amendment has taken place pursuant to the provisions of Section 66.1105(5)(cm), Wisconsin Statutes.
BE IT FURTHER RESOLVED THAT the City Assessor is hereby authorized and directed to make notations to the assessment roll under Section 70.45 of the Wisconsin Statutes, and the City Clerk is hereby authorized and directed to make similar notations on the tax roll made under Section 70.65 of the Wisconsin Statutes, pursuant to Section 66.1105(5)(f) of the Wisconsin Statutes.
Fiscal Note: It is necessary to amend the Project Plan for this industrial TID for it to receive shared increment from other TIDs. The amendment will allow TID No. 10 to receive an estimated $6.2 million in shared increment over five years and close out in 2017.