Sponsor
Alderman Wiser
Title
Amend Project Plan of Tax Incremental District No. 8
WHEREAS, the City of Racine (the “City”) has determined that use of Tax Incremental Financing is required to promote development and redevelopment within the City; and
WHEREAS, Tax Incremental District No. 8 (the “District”) was created by the City on July 17, 1990 as a blighted area district; and
WHEREAS, the City now desires to amend the Project Plan of the District in accordance with the provisions of Section 66.1105, Wisconsin Statutes (the "Tax Increment Law"); and
WHEREAS, such amendment will allow for the District to share surplus increments with Tax Incremental District No. 10 under the provisions of Section 66.1105(6)(f) of the Wisconsin Statutes; and
WHEREAS, the Plan Commission has prepared an amended Project Plan for the District (the “Amendment”) that 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.
WHEREAS, prior to its publication, a copy of the notice of public hearing was 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, in accordance with the procedures specified in the Tax Increment Law; 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.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Racine that:
1. The boundaries of "Tax Incremental District No. 8, 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 a blighted area within the meaning of Section 66.1105(2)(a)1. of the Wisconsin Statutes. Furthermore, at the time of adoption of the creation resolution for this District, and any subsequent resolutions amending its boundaries, any property standing vacant for seven years immediately preceding adoption of the resolution(s) did not comprise more than 25% of the total area in the District as required by Section 66.1105(4)(gm)1 of the Wisconsin State 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 a blighted area 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. The amended Project Plan for "Tax Incremental District No. 8, 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: The Project Plan amendment is necessary to allow TID No. 8 to share approximately $4.2 million in tax increment with TID No. 10 over a five year period, after which the donor and recipient districts will close.