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Oak Creek to close Tax Incremental District No. 7, returns roughly $3.47 million to taxing jurisdictions
Summary
The common council adopted a resolution terminating TID No. 7 early; staff estimated about $3.47 million to distribute to participating taxing jurisdictions and an approximate $1.05 million city share.
The Oak Creek Common Council voted on March 31 to terminate Tax Incremental District (TID) No. 7 before its statutory end date, a move city finance staff said will return increment to the tax rolls and provide near-term levy relief.
Max Gagan, deputy city administrator and finance officer, told the council the TID was created in February 2007, has fulfilled the obligations of its project plan and that its expenditure period has lapsed. Gagan said the district…
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