Sponsor
Alderman Helding
Title
A RESOLUTION AMENDING, DESCRIBING AND MAKING CERTAIN FINDINGS FOR APPROVING A PROJECT PLAN AMENDMENT AND AMENDED BOUNDARIES FOR TAX INCREMENTAL DISTRICT NO. 10, CITY OF RACINE, WISCONSIN
WHEREAS, Tax Incremental District No. 10 (the "District") was created by the City of Racine (the "City") on April 13, 2003 as an industrial district; and
WHEREAS, in order to further the goals contained in the original Project Plan for the District, the City now finds it desirable to amend the District's boundaries to add additional property for the benefit of the taxpayers of the overlapping jurisdictions, and to amend the Project Plan to update and provide for the undertaking of additional expenditures; and
WHEREAS, the City desires to amend the District, in accordance with the provisions of Section 66.1105 of the Wisconsin Statutes (the "Tax Increment Law"), in order to provide a viable method of financing the costs of needed public improvements and other project costs within said District and thereby provide incentives and opportunities for appropriate private development, which will contribute to the overall development of the City; 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 to the Project Plan and boundaries of the District, 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, 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 approved the amendment to the boundaries of the District and recommended to the City Council that it approve the amendment to the boundaries, as specified in the boundary description attached to this resolution as Exhibit A hereof, and entitled "Boundary Description of Tax Incremental District No. 10 Amendment, City of Racine", and
WHEREAS, the Plan Commission has prepared and adopted a Boundary and Project Plan Amendment to Tax Incremental District No. 10 (the "Amendment") 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 Section 66.1105(2)(f)1., 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 such costs or monetary obligations related thereto are to be incurred;
e. Proposed changes of zoning ordinances, master plan, map, building codes and City ordinances;
f. A list of estimated non-project costs;
g. A statement of the proposed plan for relocating any displaced persons or businesses;
h. A statement of how the district promotes orderly development;
i. A map showing existing uses and conditions of real property in such District;
j. A map showing proposed improvements and uses therein;
k. An opinion of the City Attorney or of an Attorney retained by the City advising the plan is complete and complies with Wisconsin Statutes, Section 66.1105(4)(f); and
WHEREAS, the Plan Commission has submitted such 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 is hereby amended the boundaries of, in the City of Racine, as of January 1, 2008, a District known as "Tax Incremental District No. 10, City of Racine", the boundaries of which shall be those recommended to the City Council by the Plan Commission, as specified in the attached Exhibit A, and;
2. The City Council hereby 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 of the Wisconsin Statutes' and at least 50% by area of the real property within the territory incorporated by this amendment is found suitable for industrial sites and is zoned for industrial use at the time of the amendment of the District will remain zoned for industrial use for the life of the District; and
(b) Based upon the findings, as stated in (a) above, the District remains declared as an industrial area District based on the identification and classification of the property included within the District; and
(c) The improvement of such area is likely to enhance significantly the value of substantially all of the other real property in the District; and
(d) The equalized value of taxable property of the as District, as amended, plus the value increment of all other existing tax incremental districts within the City, does not exceed 12% of the total equalized value of taxable property within the City; and
(e) The City estimates that none of the territory within the District, as amended, will be devoted to retail business at the end of the District's maximum expenditure period, pursuant to Sections 66.1105(5)(b) and 66.1105(6)(am)1 of the Wisconsin Statutes; and
(f) The project costs relate directly to promoting industrial development in the District consistent with the purpose for which the District was created; and
(g) 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.
BE IT FURTHER RESOLVED THAT the City Council of the City of Racine approves the Amendment to the Project Plan adopted by the Plan Commission, attached as Exhibit B, 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.
BE IT FURTHER RESOLVED THAT the City Clerk is hereby authorized and directed to apply to the Wisconsin Department of Revenue, in such form as may be prescribed, for a "Determination of Tax Incremental Base", as of January 1, 2008, pursuant to the provisions of Section 66.1105(5)(b) of the Wisconsin Statutes.
The City Assessor is hereby authorized and directed to identify upon the assessment roll returned and examined under Section 70.45 of the Wisconsin Statutes, those parcels of property which are within the District, specifying thereon the name of the said District, 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: This amendment enlarges the district to include parcels on the west side of newly opened and reconstructed Phillips Avenue. The amendment also updates the project budget to reflect brownfield remediation and economic development grants received by the project and includes a revised forecast of future tax rates. The amendment does not provide any additional funding for the project.