Title
Resolution approving an amendment to the Project Plan for Tax Incremental District Number Three (Quad/Graphics), City of West Allis, Wisconsin.
Body
WHEREAS, Tax Incremental District Number Three (Quad/Graphics), (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 and 2008 (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; and,
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 Number Three (the "Project Plan Amendment") to be prepared by the Community Development Authority of the City (the "Authority"), to amend the Project Plan to allocate an estimated $2.9 million of positive revenue from the District to TID 6 (67th Place Industrial Park), TID 5 (Six Points) and overlying taxing jurisdictions; 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 TID 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; and,
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 wh...
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