City of Racine - File #: 562-17

• File #: 562-17
• Version: A
• Name: (Direct Referral) Communication from the Director of City Development requesting the extension of Tax Incremental District 8 (TID 8) for one year (12 months) to allow approximately $625,000 in projected tax increment to be used for affordable housing deve
• Type: Communication
• Status: Passed
• File created: 6/8/2017
• In control: Finance and Personnel Committee
• Final action: 6/20/2017
• Title: Subject: (Direct Referral) Communication from the Director of City Development requesting the extension of Tax Incremental District 8 (TID 8) for one year (12 months) to allow approximately $625,000 in projected tax increment to be used for affordable housing development programs within the City. (Res. No. 0204-17) Recommendation of the Finance & Personnel Committee on 6/12/2017: To approve an extension of Tax Incremental District 8 for one year to be used for affordable housing development programs within the City. Fiscal Note: TID 8 would provide approximately $625,000 of increment, from all taxing bodies, between July 2017 and July 2018, if it were extended. Funds would be available for use in Fiscal Year 2019 and will only be available for affordable housing programs/development. The Department of City Development would not require additional staff to implement these programs.

Date	Ver.	Action By	Action	Result
6/20/2017	A	Common Council	Approved as Presented	Pass
6/12/2017	A	Finance and Personnel Committee	Recommended For Approval	Pass

Title

Subject: (Direct Referral) Communication from the Director of City Development requesting the extension of Tax Incremental District 8 (TID 8) for one year (12 months) to allow approximately $625,000 in projected tax increment to be used for affordable housing development programs within the City. (Res. No. 0204-17)

Recommendation of the Finance & Personnel Committee on 6/12/2017: To approve an extension of Tax Incremental District 8 for one year to be used for affordable housing development programs within the City.

Fiscal Note: TID 8 would provide approximately $625,000 of increment, from all taxing bodies, between July 2017 and July 2018, if it were extended. Funds would be available for use in Fiscal Year 2019 and will only be available for affordable housing programs/development. The Department of City Development would not require additional staff to implement these programs.