HomeMy WebLinkAbout30 14-142
MARCH 25, 2014 14-142 RESOLUTION
(CARRIED_7-0_____LOST______LAID OVER______WITHDRAWN______)
PURPOSE: APPROVE DISSOLVING TAX INCREMENTAL DISTRICT #8
SOUTH AVIATION PARK
INITIATED BY: CITY ADMINISTRATION
WHEREAS, on February 21, 1991, the Common Council of the City of Oshkosh
created Tax Incremental Finance District # 8 South Aviation Park; 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 #8 has reached its 27 year statutory
life.
NOW, THEREFORE BE IT RESOLVED by the Common Council of the City of
Oshkosh that Tax Incremental Finance District #8 South Aviation Park is dissolved.
O
O.fHKO.fH
ON THE WATER
TO: Honorable Mayor and Members of the Common Council
FROM: Darryn Burich
Director of Planning Services
DATE: March 20, 2014
RE: Approve Dissolving TID #8 / South Aviation Industrial Park
BACKGROUND
On February 21, 1991 the Council approved a Tax Increment Finance (TIF) Project Plan for a
new tax incremental district (TID) which was identified as #8 South Aviation Industrial Park.
TIF funds were used to pay for site development costs and have since been recouped
through the generation of additional tax increment as a result of development within the
district. On March 26, 2013 the Council approved a one year extension of TID #8 to utilize
the final year's increment to fund the Healthy Neighborhood Initiative that will improve the
housing stock of the community.
/_1�►_1A' isl
State of Wisconsin Statutes require that a TID be terminated after all project costs have been
paid off, except that under Wisconsin Statues, Section 66.1105(6)(g), a TID may be extended
for up to one (1) year to utilize the last year of tax increment to improve the city's housing
stock. Therefore, TID #8 needs to be closed by March 26, 2014. 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.
Approved,
City Manager