City of Oak Creek

Common Council Report

Meeting Date: 04/03/06

Item No.:        

Recommendation:

That the Common Council adopt Resolution No. 10623-040306, a Resolution Authorizing the Dissolution of Tax Incremental Districts Number Two and Number Three of the City of Oak Creek and Providing for the Defeasance of Certain Outstanding Obligations.

Background: 

As indicated in the attached letter from Paul Thompson, of Hutchinson, Shockey, Erley & Co., Tax Incremental Districts Number 2 (TIF #2) and Number 3 (TIF #3) are recommended for closure.

TIF #2 is the Grunau Corporation project on S. 13^th St., just south of College Avenue.

TIF #3 is the Liberty Woods project at the western end of Forest Hill,

Upon approval by the Council, the Department of Revenue would be notified to close the districts effective 1/1/06, and the value of the properties in the districts would be returned to the tax roll.  Both districts are being successfully closed well ahead of original projections.

Mr. Thompson will be present at the meeting to answer any questions.

Fiscal Impact: 

Upon closure, these TIF districts will return a total of $27,108,000 in value to the tax rolls for 2006, and approximately $843,195 will be redistributed to the overlapping tax jurisdictions as appropriate.

	Respectfully submitted, Patrick DeGrave City Administrator
Prepared by and fiscal review by: Beverly A. Buretta, CMC City Clerk/Comptroller