Sponsor
Alderman Helding
Title
A RESOLUTION AMENDING, DESCRIBING AND MAKING CERTAIN FINDINGS AND APPROVING PROJECT PLAN AMENDMENT FOR TAX INCREMENTAL DISTRICTS NO. 2, 5 & 7 IN ORDER TO SHARE REVENUE WITH TAX INCREMENTAL DISTRICTS NO. 3, 6 & 8 CITY OF RACINE, WISCONSIN
WHEREAS, Tax Incremental District No. 2 (the “Donor District”) was created by the City of Racine on June 24, 1983 as a rehabilitation district; and
WHEREAS, Tax Incremental District No. 2 (the “Donor District”) was amended by the City of Racine on October 16, 2001 to share increment with Tax Incremental Districts No. 3, 5, 6 and 8 for 5 years; and
WHEREAS, Tax Incremental District No. 5 (the “Donor District”) was created by the City of Racine on September 17, 1985 as an industrial district; and
WHEREAS, Tax Incremental District No. 7 (the “Donor District”) was created by the City of Racine on March 21, 1989 as a rehabilitation district; and
WHEREAS, Tax Incremental District No. 3 (the “Recipient District”) was created by the City of Racine on June 24, 1983 as a rehabilitation district; and
WHEREAS, Tax Incremental District No.6 (the “Recipient District”) was created by the City of Racine on March 3, 1987 as a rehabilitation district; and
WHEREAS, Tax Incremental District No. 6 (the “Recipient District”) was amended by the City of Racine on December 7, 1993 to add a contribution to the Redevelopment Authority as an eligible expense; and
WHEREAS, Tax Incremental District No. 8 (the “Recipient District”) was created by the City of Racine on July 17, 1990 as a rehabilitation district; and
WHEREAS, the City desires to amend the Donor Districts, in accordance with the provisions of Section 66.1105 of Wisconsin Statutes (the “Tax Increment Law”) to extend the period of time in which the Districts can share surplus increment revenues with the Recipient Districts as authorized by Wisconsin State Statutes; and
WHEREAS, in accordance with the procedures specified in the Tax Increment Law, the Plan ...
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