HomeMy WebLinkAbout09-149APRIL 28, 2009 09 -149 RESOLUTION
(CARRIED 5 -0 LOST LAID OVER WITHDRAWN )
PURPOSE: DISSOLVE TAX INCREMENTAL DISTRICT NO. 4
INITIATED BY: CITY ADMINISTRATION
WHEREAS, on May 6, 1982, the Common Council for the City of Oshkosh
created Tax Incremental Finance District No. 4, generally the Oshkosh Centre
Redevelopment Area; and
WHEREAS, State Statutes require that when a municipality recovers its cost
incurred in a district or, because this District was created prior to October 1, 1995, when
27 years has expired, whichever occurs first, the district shall be dissolved; and
WHEREAS, Tax Increment Finance District #4 has reached its 27 year statutory
life;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that Tax Increment Finance District, No. 4 (Oshkosh Centre Redevelopment
Area) is dissolved.
City of Oshkosh
Finance Department
Church Ave., PO Box 1130
Oshkosh, W1 54903-1130
(920) 236 -5050 (920) 80 (920) 236 -5039 FAX
OIHKQfH MEMORANDUM
ON THE WATER
TO: Honorable Mayor and Members of the Common Council
FROM: Peggy Steeno, Finance Director
DATE: April 23, 2009
RE: Dissolve Tax Increment District #4 / Statutory Closing / Oshkosh Centre Redevelopment
Area
BACKGROUND
On May 6, 1982, the Council approved a Tax Increment Financing Plan (TIF) for a new tax incremental
district which was identified as 44 Oshkosh Centre Redevelopment Area. This was the City's first
blighted area Tax Incremental District (TID). TIF funds were used to pay for acquisition and site
development costs to remove a number of blighted structures in the area. The use of TIF also provided
for the creation of the hotel and convention center.
ANALYSIS
The statutory life of a blighted TID is 27 years. Therefore, TID #4 needs to be closed by May 6, 2009.
There are no excess funds to distribute back to the affected taxing entities. After termination, staff will
notify the Wisconsin Department of Revenue of the termination as well as forward the final audit of the
district to them.
FISCAL IMPACT
The tax increment for this district will be converted to general tax revenue, divided among all of the
taxing entities according to the formula, upon dissolution of the district per Wisconsin Department of
Revenue regulations.
RECOMMENDATION
Staff recommends adoption of the above noted resolution.
Respectfully Submitted,
Peggy Steeno
Finance Director
Approved:
Mark Rohloff
City Manager