Title
Resolution approving an amendment to the Project Plan for Tax Incremental District Number Seven (Summit Place), City of West Allis, Wisconsin.
Body
WHEREAS, the Common Council, by Resolution No. R-2004-0037 on February 18, 2004, adopted the Project Plan for Tax Incremental District Number Seven, by Resolution No. R-2005-0160 on May 3, 2005 adopted Amendment Number One to Tax Incremental District Number Seven, by Resolution No. R-2007-0281 on November 20, 2007 adopted Amendment Number Two to Tax Incremental District Number Seven, by Resolution No. R-2009-0031 on February 3, 2009 adopted Amendment Number Three, by Resolution No. R-2013-0023 on February 19, 2013 adopted Amendment Number Four, and by Resolution No. R-2014-0363 on November 3, 2014 adopted Amendment Number Five to Tax Incremental District Number Seven, City of West Allis, Wisconsin; and,
WHEREAS, the Community Development Authority of the City of West Allis (the "Authority") has prepared, adopted on June 21, 2016 by Resolution No. 1195, and submitted to the Common Council a proposed Amendment Number Six to the Project Plan; and,
WHEREAS, pursuant to Sections 66.1105(4)(h)1. and 66.1335(1) of the Wisconsin Statutes, the City of West Allis (the "City") has caused Project Plan Amendment No. 6 (the "Project Plan Amendment") to be prepared by the Authority, to allocate positive tax increments generated by the District to Tax Incremental District Number Five - Six Points/Farmers Market Area ("TID No. 5") of the City.
WHEREAS, the Authority hereby finds that the City meets the conditions for such an allocation amendment; as follows:
a. The District and TID No. 5 have the same overlying taxing jurisdictions; and,
b. TID No. 7 was created upon a finding that not less than 50 percent, by area, of the real property within TID No. 7 was 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, t...
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