Title
Resolution to dissolve Tax Incremental District Number Eight, City of West Allis, Wisconsin (2154 South 54th Street), and authorizing the City Administrative Officer-Clerk/Treasurer to distribute excess increment to overlying taxing districts.
Body
WHEREAS, the City of West Allis, on November 3, 2004, adopted Resolution No. 2004-0310, to create Tax Incremental District Number Eight, City of West Allis, (2154 South 54th Street) and adopted a project plan that year; and,
WHEREAS Tax Incremental District Number Eight was taken over by a private developer, and there were no expenses incurred by this Tax Incremental District, and there is no outstanding debt remaining; and,
WHEREAS a sufficient increment has been collected as of the 2006 tax roll, payable in 2007, to cover Tax Incremental District Number Eight project costs, and to escrow funds to cover the District's remaining outstanding debt.
NOW, THEREFORE, BE IT HEREBY RESOLVED, that the City of West Allis Common Council does dissolve Tax Incremental District Number Eight.
BE IT FURTHER RESOLVED, that the City Administrative Officer-Clerk/Treasurer shall notify the Wisconsin Department of Revenue, within 60 days of this resolution, or prior to the deadline of May 15, 2007, whichever comes first, that the District has been terminated.
BE IT FURTHER RESOLVED, that the City Administrative Officer-Clerk/Treasurer shall sign the required Wisconsin Department of Revenue final accounting form agreeing on a date by which the City of West Allis shall send final audited information to the Wisconsin Department of Revenue.
BE IT FURTHER RESOLVED, that the City of West Allis 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, Schenk Business Solutions.
Cc: Finance
Dept. of Development
DEV-R-478-8-7-07