Title
Resolution to approve the dissolution of Tax Incremental District Number Two (Veterans Park) of the City of West Allis.
Body
WHEREAS, the City of West Allis (the "City") passed a creation resolution, No. 24113, creating Tax Incremental District Number Two (Veterans Park) on November 15, 1993 and adopted a Project Plan that year, as well as a Project Plan Amendment via Resolution No. 24188 on February 1, 1994; and,
WHEREAS, all of Tax Incremental District Number Two's (Veterans Park) projects were completed in the prescribed allowed time of 23 years; and,
WHEREAS, pursuant to 66.1105 of the Wisconsin Statutes, Tax Incremental Districts shall be dissolved when the city has received aggregate tax increments in an amount sufficient to pay the aggregate of all project costs incurred or to be incurred under the project plan for the district; and,
WHEREAS, sufficient increment has been collected as of the 2013 tax roll, payable 2014, to cover Tax Incremental District Number Two (Veterans Park) project costs.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis, that the City of West Allis does dissolve Tax Incremental District Number Two (Veterans Park) in accordance with the requirements of Section 66.1105(8).
BE IT FURTHER RESOLVED that the City of West Allis will notified the Wisconsin Department of Revenue prior to the deadline of December 31 that the District has been terminated.
BE IT FURTHER RESOLVED that the City of West Allis Clerk shall sign the required Wisconsin Department of Revenue final accounting form agreeing on a date by which the City shall send final audited information to the Wisconsin Department of Revenue.
BE IT FURTHER RESOLVED that the City Treasurer shall distribute any excess increment collected after providing for ongoing expenses of the District, to the affected taxing districts with proportionate shares to be determined by the final audit by the City's auditors.
cc: Department of Development
Finance Department
DEV-R-784-11-3-14