Sponsor
Alderman Spangenberg
Title
TERMINATING TIF DISTRICT NO. 3 AND AUTHORIZING CITY TREASURER TO DISTRIBUTE EXCESS INCREMENT TO OVERLYING TAXING DISTRICTS
WHEREAS, the City of Racine passed a creation resolution creating Tax Increment District No. 3 on June 24, 1983 and adopted a project plan that year; and
WHEREAS, all TIF District No. 3 projects were completed in the prescribed allowed time; and
WHEREAS, sufficient increment has been collected as of the 2009 tax roll, payable 2010, to cover TIF District No. 3 project costs, and to escrow funds to cover the District's remaining outstanding debt.
NOW, THEREFORE BE IT RESOLVED, that the Common Council does terminate TIF District No. 3.
FURTHER RESOLVED, that the City Clerk shall notify the Wisconsin Department of Revenue, within 60 days of this resolution, or prior to the deadline of May 15, 2010, whichever comes first, that the District has been terminated.
FURTHER RESOLVED, that the City Clerk shall sign the required Wisconsin Department of Revenue accounting form agreeing on a date by which the City shall send final audited information to the Department of Revenue.
FURTHER RESOLVED, that the City Treasurer shall distribute any excess increment collected after providing for ongoing expenses of the District, to the affected taxing districts with proportionate shares to be determined by the final audit by the City's auditors, Baker Tilley Virchow Krause LLP.
Fiscal Note: N/A