Sponsor
Alderman Wiser
Title
Amend Project Plan of Tax Incremental District No. 8
WHEREAS, the City of Racine (the “City”) has determined that use of Tax Incremental Financing is required to promote development and redevelopment within the City; and
WHEREAS, Tax Incremental District No. 8 (the “District”) was created by the City on July 17, 1990 as a blighted area district; and
WHEREAS, the City now desires to amend the Project Plan of the District in accordance with the provisions of Section 66.1105, Wisconsin Statutes (the "Tax Increment Law"); and
WHEREAS, such amendment will allow for the District to share surplus increments with Tax Incremental District No. 10 under the provisions of Section 66.1105(6)(f) of the Wisconsin Statutes; and
WHEREAS, the Plan Commission has prepared an amended Project Plan for the District (the “Amendment”) that includes:
a. A statement listing of the kind, number and location of all proposed public works or improvements within the District, or to the extent provided in Sections 66.1105(2)(f)1.k. and 66.1105(2)(f)1.n., Wisconsin Statutes, outside of the District;
b. An economic feasibility study;
c. A detailed list of estimated project costs;
d. A description of the methods of financing all estimated project costs and the time when the related costs or monetary obligations are to be incurred;
e. A map showing existing uses and conditions of real property in the District;
f. A map showing proposed improvements and uses in the District;
g. Proposed changes of zoning ordinances, master plan, map, building codes and City ordinances;
h. A list of estimated non-project costs;
i. A statement of the proposed plan for relocation of any persons to be displaced;
j. A statement indicating how the Amendment of the District promotes the orderly development of the City;
k. An opinion of the City Attorney or of an attorney retained by the City advising that the plan is complete and complies with Section 66.1105(4)(f)., Wiscons...
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