Sponsor
Alderman Helding
Title
RESOLUTION APPROVING AN AMENDMENT TO THE PROJECT PLAN OF TAX INCREMENTAL DISTRICT NO. 2, CITY OF RACINE, WISCONSIN
WHEREAS, the City of Racine has determined that use of Tax Incremental Financing is required to promote development and redevelopment within the City; and
WHEREAS, Tax Incremental District No. 2 (the “District”) was created by a resolution of the Common Council adopted on June 24, 1983 for purposes of conserving and rehabilitating property within the District; and
WHEREAS, the District’s current latest termination date is June 23, 2010; and
WHEREAS, on November 12, 2009, Wisconsin Act 67 was enacted providing authority to the City to extend the latest termination date of the District by ten years; and
WHEREAS, the City now desires to amend the Project Plan of the District in accordance with the provisions of Section 66.1105 of the Wisconsin Statutes (the "Tax Increment Law") in order to make such extension, and to further allow the District, pursuant to Section 66.1105(6)(f) of the Wisconsin Statutes, to allocate excess tax increments to Tax Incremental District No. 14 as is necessary to allow that district to accomplish the objectives of its Project Plan; and
WHEREAS, the Plan Commission has prepared an amended Project Plan for the District 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. of the 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 ordina...
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