Sponsor
Alderman Helding
Title
A RESOLUTION AMENDING, DESCRIBING AND MAKING CERTAIN FINDINGS AND APPROVING PROJECT PLAN AMENDMENT FOR TAX INCREMENTAL DISTRICTS NO. 2, 5 & 7 IN ORDER TO SHARE REVENUE WITH TAX INCREMENTAL DISTRICTS NO. 3, 6 & 8 CITY OF RACINE, WISCONSIN
WHEREAS, Tax Incremental District No. 2 (the "Donor District") was created by the City of Racine on June 24, 1983 as a rehabilitation district; and
WHEREAS, Tax Incremental District No. 2 (the "Donor District") was amended by the City of Racine on October 16, 2001 to share increment with Tax Incremental Districts No. 3, 5, 6 and 8 for 5 years; and
WHEREAS, Tax Incremental District No. 5 (the "Donor District") was created by the City of Racine on September 17, 1985 as an industrial district; and
WHEREAS, Tax Incremental District No. 7 (the "Donor District") was created by the City of Racine on March 21, 1989 as a rehabilitation district; and
WHEREAS, Tax Incremental District No. 3 (the "Recipient District") was created by the City of Racine on June 24, 1983 as a rehabilitation district; and
WHEREAS, Tax Incremental District No.6 (the "Recipient District") was created by the City of Racine on March 3, 1987 as a rehabilitation district; and
WHEREAS, Tax Incremental District No. 6 (the "Recipient District") was amended by the City of Racine on December 7, 1993 to add a contribution to the Redevelopment Authority as an eligible expense; and
WHEREAS, Tax Incremental District No. 8 (the "Recipient District") was created by the City of Racine on July 17, 1990 as a rehabilitation district; and
WHEREAS, the City desires to amend the Donor Districts, in accordance with the provisions of Section 66.1105 of Wisconsin Statutes (the "Tax Increment Law") to extend the period of time in which the Districts can share surplus increment revenues with the Recipient Districts as authorized by Wisconsin State Statutes; and
WHEREAS, in accordance with the procedures specified in the Tax Increment Law, the Plan Commission, on April 30, 2008, held a public hearing concerning the proposed amendment of the District and proposed Project Plan Amendment thereof in the City, wherein interested parties were afforded a reasonable opportunity to express their views; and
WHEREAS, prior to its publication, a copy of the notice of said hearing was sent to the chief executive officer of Racine County, the Racine School District Board, and the Gateway Technical College District, and the other entities having the power to levy taxes on property located within the District, in accordance with the procedures specified in the Tax Increment Law; and
WHEREAS, after said public hearing, the Plan Commission recommended to the City Council that it amend such District as specified in the Project Plan Amendment attached to this resolution as Exhibit A hereof, and entitled "Project Plan Amendment of Tax Incremental District No. 2, 5 and 7, City of Racine"; and
WHEREAS, the Plan Commission has prepared a Project Plan Amendment to the District attached as Exhibit A (the "Amendment"), which includes the following changes to the District's Project Plan relating to the proposed allocation of positive increments from the Donor Districts to the Recipient Districts:
a Purpose and findings;
b. An updated economic feasibility study;
c. A summary of the proposed donor and recipient district's performance; and
WHEREAS, the Plan Commission has submitted such Project Plan Amendment to the City Council and recommended approval thereof;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Racine as follows:
1. Pursuant to the Tax Increment Law, there are hereby amended in the City of Racine, as of January 1, 2008, Districts known as "Tax Incremental Districts No. 2, 5 and 7, City of Racine", the boundaries of which shall remain the same as in the original Project Plans.
2. The City Council hereby finds and declares that:
(a) Based upon the findings, as stated in (a) above, Tax Incremental Districts No. 2 and 7 remains declared as a rehabilitation District or conservation District within the meaning of Section 66.1337(2m)(b) of the Wisconsin Statutes and Tax incremental District No. 5 remains declared as an industrial District within the meaning of Section 66.1101 of the Wisconsin Statutes based on the identification and classification of the property included within the Districts; and
(b) The improvement of such area is likely to enhance significantly the value of substantially all of the other real property in the District; and
(c) The projects, costs, and boundaries will not change as a result to this amendment; and
(d) The allocation of positive tax increments with the Recipient District for as long as the Districts are in existence and as needed. Donor Districts; Tax Incremental District No. 2 must close by the year 2009, Tax Incremental District No. 5 must close by the year 2012, Tax Incremental District No. 7 must close by the year 2016. Recipient Districts; Tax Incremental District No. 3 must close by the year 2010, Tax Incremental District No. 6 must close by the year 2014, and Tax Incremental District No. 8 must close by the year 2017,
BE IT FURTHER RESOLVED THAT the City Council of the City of Racine approves the Project Plan Amendment adopted by the Plan Commission, attached as Exhibit A, and finds that:
1. Such Amendment for the District in the City is feasible, and
2. Such Amendment is in conformity with the master plan of the City.
The City Clerk is hereby authorized and directed to notify the Wisconsin Department of Revenue, within 60 days of that this amendment has taken place, pursuant to the provisions of Section 66.1105(5)(b) of the Wisconsin Statutes.
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: The amendment will result in the sharing of an estimated $7.4 million in incremental revenue between the districts over the five years period. Without the sharing, the shortfalls in TIDs Nos. 3, 6 and 8 would be made up from general revenue.