HomeMy WebLinkAbout07-261
SEPTEMBER 11, 2007
07 -261
RESOLUTION
(CARRIED
LOST
LAID OVER X WITHDRAWN
UNTIL 9/25/2007
PURPOSE:
ALLOCATION / PROJECT PLAN AMENDMENTS:
AMENDMENT #4 - TIF #7 SOUTHWEST INDUSTRIAL PARK
AMENDMENT #2 - TIF #9 WASHBURN STREET
INITIATED BY:
DEPARTMENT OF COMMUNITY DEVELOPMENT
PLAN COMMISSION RECOMMENDATION: Approved
WHEREAS, the City of Oshkosh has created TID #7 Southwest Industrial Park,
TID #9 Washburn Street, and TID #16 100 Block Redevelopment Project; and
WHEREAS, Wis. Stats., provide for the ability to amend the project plan of a TID
to permit positive tax increments to be donated to a blighted TID; and
WHEREAS, TID #16 is not performing financially as anticipated; and
WHEREAS, TIDs #7 and #9 have the financial capability to act as donor districts
to TID #16; and
WHEREAS, the Plan Commission has held a public hearing and has notified the
Chief Executive Officers of all local government entities having the power to levy taxes
on property within the District.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that:
1) The original findings for TID #7 (see attached Exhibit A) and TID #9 (see
attached Exhibit B) are still valid.
2) The proposed amendments are feasible and in conformity with the City's
Comprehensive Plan.
3) There are sufficient revenues in the donor districts of TIDs #7 and #9 to account
for the required debt service in those districts and still be able to transfer excess
revenues to TID #16.
4) The amendments will not result in the City exceeding its value limitation cap of
12% with the City currently at 6.7%.
BE IT FURTHER RESOLVED that the Common Council approves of said Project
Plan and Allocation Amendments for Tax Increment Districts #7 and #9 pursuant to the
provisions of Wis. Stats.