City of Oak Creek
Common Council Report
Meeting Date: February 18, 2013
Recommendation: That the Council adopt Resolution No. 11335-021813 authorizing the dissolution of Tax Incremental Financing District No. 5.
Background: Tax Incremental Financing District No. 5 was created on May 5, 2000. The district was created to support the expansion of Milwaukee Steel Converting (now Nucor) at 400 W. Burkhard Court in the Northbranch Industrial Park. The expansion of this business has resulted in an additional incremental value of $4,622,300.
The project costs for this district, which included street and other infrastructure improvements for W. Burkhard Court totaled $772,528. Since the City has received the tax increments necessary to pay all project costs, it is appropriate that the district be closed.
Fiscal Impact: Upon closure, this TIF district will return a total of $6,560,500 in value to the tax rolls. The remaining accumulated fund balance will be redistributed to the overlapping tax jurisdictions as appropriate.
Doug Seymour, AICP
Director of Community Development
Gerald Peterson, ICMA-CM
Fiscal Review by: