Sponsor
Alderman Wiser
Title
Designate Tax Incremental District No. 10 as a Distrissed TID
WHEREAS, the Common Council, after reviewing financial data has determined that the project costs incurred by Tax Incremental District No. 10 (the “District”) exceed the amount of revenues from all sources that the City expects the District to generate to pay off such project costs during the life of the District; and
WHEREAS, the Common Council desires to designate the District as distressed under Section 66.1105(4e), Wis. Stats.; and
WHEREAS, the District meets all requirements to be designated as a distressed district insofar as: a) it was created before October 1, 2008; and b) the Common Council has not approved an amendment to the District’s project plan after October 1, 2009; and
WHEREAS, a notice of the Plan Commission and Council public hearings were published on September 26, 2012, October 3, 2012, October 5, 2012 and October 9, 2012 as under Chapter 985, Wis. Stats.; and
WHEREAS, a copy of the public hearing notice was sent, prior to its publication, by 1st class mail to the chief executive officer or administrator of all local government entities having the power to levy taxes on property within the District, and to the school board of any school district that includes property located within the District; and
WHEREAS, a public hearing was held before the Common Council on October 16, 2012 at which time interest parties were afforded a reasonable opportunity to express their views on the proposed designation of the District as distressed; and
WHEREAS, the Plan Commission has amended the Project Plan of the District to reflect its distressed status.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Racine that:
1. The Common Council designates the District as distressed, and that its maximum life is extended to 10 years with a termination date of March 18th, 2036.
2. The project costs incurred by the District exceed the amount of rev...
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