Title
A Resolution Approving a Project Plan Amendment for Tax Increment District Number Three of the City of West Allis, Wisconsin and Making Certain Findings with Respect Thereto
Body
WHEREAS, Tax Increment District No. 3 (the "District") of the City of West Allis, Wisconsin (the "City") was created by the City pursuant to a project plan dated July 12, 1994, and amended in 2000 (the "Project Plan"), as a "blight district" based on a finding that not less than 50% by area of the real property in the District is determined to be blighted and is suitable for industrial sites within the meaning of Section 66.1101 of the Wisconsin Statutes and has been zoned for industrial use;
WHEREAS, under the provisions of Sections 66.1105(4)(h) and 66.1335(1) of the Wisconsin Statutes, the City has caused Project Plan Amendment No. 2 (the "Project Plan Amendment") to be prepared by the Community Development Authority of the City (the "Authority"), to amend the Project Plan to add $500,000 in offsite improvements to Theodore Trecker Way to enhance a highly utilized road by the industrial neighborhood; and,
WHEREAS, the Authority hereby finds that the City meets the conditions for such an allocation amendment; as follows:
a. There were no changes in taxing jurisdictions;
b. The TIF was created upon a finding that not less than 50 percent, by area, of the real property is blighted; and
c. The District will have excess positive tax increments after satisfaction of all its current year debt service and project cost obligations;
WHEREAS, the Project Plan, as amended by the Project Plan Amendment, includes (a) a statement listing the kind, number and location of all proposed public works or improvements within the District, as amended; (b) an economic feasibility study; (c) a detailed list of estimated project costs; (d) a description of the methods of financing all estimated project costs and the time when the costs or monetary obligations related thereto are to be incurr...
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