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HomeMy WebLinkAbout02-338.docSEPTEMBER 24, 2002 02-338 RESOLUTION (CARRIED 7-0 LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE AMENDMENT NO. 1 TAX INCREMENT DISTRICT NO. 12 PROJECT PLAN; AMEND DISTRICT BOUNDARIES TID #12 DIVISION STREET REDEVELOPMENT INITIATED BY: CITY ADMINISTRATION PLAN COMMISSION RECOMMENDATION: Approved WHEREAS, pursuant to Section 66.1105, Wis. Stats., the City of Oshkosh proposes Amendment No. 1 to the Project Plan and District Boundaries of Tax Increment District No. 12 Division Street Redevelopment; and WHEREAS, the City of Oshkosh Plan Commission has prepared and adopted a Project Plan for Tax Increment District No. 12 Division Street Redevelopment which: 2) 3) 4) Includes works or Contains Contains a statement listing the kind, number and location of all proposed public improvements within such district. an economic feasibility study. a detailed list of estimated project costs. Contains a description of the methods of financing all estimated project costs and the time when such costs or monetary obligations related thereto are to be incurred. 5) Includes district. 6) 7) 8) 9) 10) and a map showing existing uses and conditions of real property in such Includes a map showing proposed improvements and uses therein. Contains a list of estimated non-project costs. Contains a statement of a proposed method for the relocation of any person to be displaced. Indicates how the creation of TID #12 promotes the orderly development of the City. Contains an opinion of the City Attorney that the Plan complies with Section 66.46(4)(f), Wis. Stats. WHEREAS, the Plan Commission has held a public hearing on Amendment No. 1 to TID #12 and has notified the Chief Executive Officers of all local government entities having the power to levy taxes on property within the district, including the School Board of any school district that includes property within the district pursuant to Section 66.1105, Wis. Stats.; and SEPTEMBER 24, 2002 02-338 RESOLUTION CONT'D WHEREAS, the City of Oshkosh Plan Commission has found that: 1) 2) Said Amended Project Plan for TID #12 is feasible; and Said Project Plan is in conformity with the Master Plan of the City of Oshkosh. NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Oshkosh hereby approves of said Amendment No. 1 to the Project Plan and District Boundaries for Tax Incremental District #12 Division Street Redevelopment, pursuant to the provisions of Section 66.1105, Wis. Stats. BE IT FURTHER RESOLVED that the Common Council of the City of Oshkosh hereby approves of the creation of said amended Tax Increment District #12 - Division Street Redevelopment. BE IT FURTHER RESOLVED that the improvements contemplated in amended TID #12 are likely to significantly enhance the value of substantially all real property within amended TID #12. BE IT FURTHER RESOLVED that the value of equalized taxable property in amended TID #12, together with all other established Tax Incremental Districts, does not exceed 7% of the total equalized value of taxable property within the City of Oshkosh. BE IT FURTHER RESOLVED that more than 50% of the real property within amended TID #12 is blighted or in need of rehabilitation or conservation within the meaning of Section 66.1337, Wis. Stats.. BE IT FURTHER RESOLVED that the project costs are consistent with the purposes for which the district is being created with the primary objective being rehabilitation of this area and blight elimination. BE IT FURTHER RESOLVED that if the property owner was required to fully pay for the improvements associated with the proposed rehabilitation and redevelopment of the area, the redevelopment would in all likelihood not occur. BE IT FURTHER RESOLVED by the Common Council of the City of Oshkosh that this resolution be forwarded to the Joint Review Board for their consideration of amended Project Plan and District Boundaries of TID #12 - Division Street Redevelopment.