City of Racine - File #: 12-7893

• File #: 12-7893
• Version: A
• Name: TID No. 10 Distressed (Res. No. 12-3381)
• Type: Communication
• Status: Passed
• File created: 6/28/2012
• In control: City Plan Commission
• Final action: 10/16/2012
• Title: Subject: Communication from the Director of City Development requesting to designate Tax Incremental District No. 10 as a distressed TID. (Res. No. 12-3381) Recommendation of the City Plan Commission on 10-10-12: That the resolution designating TID No. 10 as distressed be approved. Fiscal Note: It is necessary to designate this industrial TID as distressed for it to receive shared increment from another TID. The designation will allow TID No. 10 to receive an estimated $6.2 million in shared increment over five years. Although the designation as distressed would allow the extension of the District until 2036, the proposed increment sharing anticipates that the District will close out in 2017.
• Related files: Res.12-3381

Date	Ver.	Action By	Action	Result
10/16/2012	A	Common Council	Approved as Presented	Pass
10/10/2012	A	City Plan Commission	Recommended For Approval	Pass
7/2/2012	A	Common Council	Referred

Title

Subject: Communication from the Director of City Development requesting to designate Tax Incremental District No. 10 as a distressed TID. (Res. No. 12-3381)

Recommendation of the City Plan Commission on 10-10-12: That the resolution designating TID No. 10 as distressed be approved.

Fiscal Note: It is necessary to designate this industrial TID as distressed for it to receive shared increment from another TID. The designation will allow TID No. 10 to receive an estimated $6.2 million in shared increment over five years. Although the designation as distressed would allow the extension of the District until 2036, the proposed increment sharing anticipates that the District will close out in 2017.