Sponsor
Aldermen Friedel and Helding
Title
CREATE TAX INCREMENTAL DISTRICT NUMBER 14
WHEREAS, a public hearing was held before the City Plan Commission on July 26, 2006, for the proposed boundaries and project plan for Tax Increment District 14, and 20 days have lapsed since the date of hearing; and
WHEREAS, Wisconsin Statutes permit the Common Council to take final action on a tax increment financing district when at least 14 days have elapsed after the date of public hearing.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Racine, Wisconsin that:
1. The district shall be known as “Tax Increment District Number 14, City of Racine, Wisconsin”;
2. The boundaries of the district are: Begin at a point which is the intersection of the north line of Hamilton Street and the west line of Chatham Street; travel thence southerly along the west line of Chatham Street to the south line of Dodge Street; travel thence easterly along said line to the east line of Michigan Boulevard; travel thence southerly along said line to the north bulkhead line of the Root River; travel thence easterly along said line to the established bulkhead line of Lake Michigan; travel thence northerly along said bulkhead line to the intersection of the north line of Hubbard Street extended; travel thence westerly to a point 455 feet east of the west line of Michigan Boulevard; travel thence southerly to a point 150 feet north of the north line of Hamilton Street extended; travel thence westerly along said line to the west line of Michigan Boulevard; travel thence southerly along said to the north line of Hamilton Street; travel thence westerly along said line to the point of beginning of this description. Said land being in the City of Racine, Racine County, Wisconsin, recommended by the City Plan Commission and as fully described in the district project plan, are approved; and
3. The district shall be created as of January 1, 2006.
4. The project plan for the district is hereby approved.
FURTHER RESOLVED, that the Common Council finds that:
1. Not less than 50 percent by area of the real property without the district is blighted or in need of rehabilitation and or conservation work.
2. The improvement of the area is likely to enhance significantly the value of substantially all other real property in the district and the project costs relate directly to eliminating blight or directly serve to rehabilitate or conserve the area;
3. The equalized value of taxable property of the district plus the value increment of all existing districts does not exceed 12 percent of the total equalized value of taxable property within the city;
4. The area is a blighted area and rehabilitation district; and
5. The project plan for the district is feasible and in conformity with the master plan of the City of Racine.
FURTHER RESOLVED, that the Director of City Development is authorized and directed to submit the district project plan and supporting documentation to the Standing Joint Review Board for review and approval of the district by the Board.
FISCAL NOTE: Implementation of the Project Plan is estimated to cost $22,464,457.00.