Sponsor
Aldermen Spangenberg and Helding
Title
Amendment to Project Plan for Tax Increment District No. 2
Whereas, the City of Racine created Tax Incremental District Number Two (TID No. 2) and approved a project plan for the District on June 24, 1983; and
Whereas, in October 2001, the City of Racine amended the project plan for TID No. 2 to allocate positive tax increments generated by TID No. 2 to other districts for a five year period; and
Whereas, Section 66.1105 (6) (f) Wisconsin Statutes allows for the project plan to be amended to provide for continued allocation of positive tax increments for an additional three years, which is the maximum statutory life of the District, if certain conditions are met.
Resolved, that the Common Council of the City of Racine finds as follows:
1. That the donor District, TID No. 2, and the recipient Districts, TIDs Nos. 3, 6 and 8, have the same overlying taxing jurisdictions.
2. That the proposed allocation of tax increments has been submitted to the Standing Joint Review Board for approval.
3. That the recipient Districts were created upon the findings that not less than 50 percent, by area, of the real property within each district was blighted or in need of rehabilitation.
4. That TID #2, the donor District, has satisfied all of its debt service and project cost obligations.
5. That the amendment does not extend the life of the donor District beyond its maximum period; TID No. 2 must close in 2009.
Further resolved, that the Second Amendment to the Project Plan for Tax Incremental District Number Two, City of Racine, as approved by the City Plan Commission on December 13, 2006, is hereby adopted.
Fiscal Note: N/A