Title
A Resolution Approving a Project Plan Amendment for Tax Increment District Number One of the City of West Allis, Wisconsin and Making Certain Findings with Respect Thereto
Body
WHEREAS, Tax Increment District No. 1 (the "District") of the City of West Allis, Wisconsin (the "City") was created by the City pursuant to a project plan dated February 26, 1992, revised September 1, 1992 and amended July 12, 1996 (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(6)(f), 66.1105(4)(h) and 66.1335(1) of the Wisconsin Statutes, a community development authority of a city may, by resolution, adopt an amendment to a project plan, subject to the approval of the local legislative body and the joint review board, to allocate positive tax increments generated by a tax incremental district to another tax incremental district;
WHEREAS, pursuant to Section 66.1105(4)(h)1. and 66.1335(1) of the Wisconsin Statutes, the Community Development Authority of the City (the "Authority") prepared Project Plan Amendment No. 2 (the "Project Plan Amendment"), to allocate positive tax increments generated by the District to Tax Incremental District No. 2 ("TID No. 2") and Tax Incremental District No. 6 ("TID No. 6") of the City;
WHEREAS, the Common Council hereby finds that the City meets the conditions for such an allocation amendment; as follows:
a. The District, TID No. 2 and TID No. 6 have the same overlying taxing jurisdictions;
b. TID No. 2 and TID No. 6 were created upon a finding that not less than 50 percent, by area, of the real property within TID No. 2 and TID No. 6 is blighted; and
c. The District will have excess positive tax increments after satisfaction of all...
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