Sponsor
Alderman Wiser
Title
Termination of Tax Incremental District No. 5 (Olsen Industrial Park)
WHEREAS, the City of Racine passed a creation resolution creating Tax Incremental District No. 5 on September 17, 1985, and adopted a project plan that year; and
WHEREAS, all TIF District No. 5 projects were completed in the prescribed allowed time; and
WHEREAS, sufficient increment has been collected as of the 2012 tax roll, payable 2013, to cover TIF District No. 5 projects costs, and to escrow funds to cover any remaining outstanding debt;
NOW BE IT HEREBY RESOLVED, that the Common Council does terminate TIF District No. 5; and
BE IT FURTHER RESOLVED, that the City Clerk shall notify the Wisconsin Department of Revenue, within 60 days of this resolution, or prior to the deadline of May 15, 2013, whichever comes first, that the District has been terminated; and
BE IT FURTHER RESOLVED, that the City Clerk shall sign the required Wisconsin Department of Revenue final accounting form agreeing on a date by the which the city shall send final audited information to the Wisconsin Department of Revenue; and
BE IT FURTHER RESOLVED, that the Finance Director shall distribute any excess increment collected after providing for ongoing obligations of the District, to the affected taxing districts with proportionate shares to be determined by the final audit by the City's Auditors.
Fiscal Note: TID No. 5 (Olsen Industrial Park) was created in 1985. The Wisconsin TID Law provides a maximum lifespan of 27 years for such TIDs and the district now must be closed out. This resolution provides authorization for the appropriate city officials to complete the close out process and reporting.