Title
Resolution to Terminate Tax Incremental District Number One of the City of West Allis. (S. 70 St. and W. Walker St.)
Body
WHEREAS, the City of West Allis, Milwaukee County, Wisconsin (the "City") established its Tax Incremental District Number One ("TID No. 1") pursuant to Section 66.46 (now Section 66.1105) of the Wisconsin Statutes (the "TIF Law"); and
WHEREAS, the TIF Law requires that tax increment districts 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 was collected as of May 15, 2008 to cover all project costs under the Project Plan for TID No. 1, as amended by Project Plan Amendment Number Two in April 2008; and
WHEREAS, the City distributed all excess increment collected with respect to TID No. 1 to affected taxing districts; and
WHEREAS, pursuant to Section 66.1105(8)(a) of the TIF Law, the City notified the Department of Revenue ("DOR") on or before May 15, 2008 of the City's desire to terminate TID No. 1 effective May 15, 2008; and
WHEREAS, pursuant to Section 66.1105(8)(c) of the TIF Law, the City transmitted all required financial information regarding the termination of TID No. 1 to the DOR in order to terminate TID No. 1 effective May 15, 2008;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of West Allis, Milwaukee County, Wisconsin, that Tax Incremental District Number One is terminated effective May 15, 2008.
DEV-R-546-4-21-09