City of
Oak Creek
Common
Council Report
Meeting
Date:
February 18, 2013
Item
No.:
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.
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Prepared by: Doug Seymour, AICP Director of Community Development |
Respectfully submitted, Gerald Peterson, ICMA-CM City Administrator |
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Denise Vandenbush
Finance Director
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