Zoning Committee Corrects TID #68

With the days short agenda, the item that stood out was resolution 080541.  This resolution dealt with correcting an error within Tax Incremental District (“TID”) #68 (Fifth Ward – First Place).  In 2007 the First Place on the River condominium development was assessed at $50 million which although it wasn’t challenged by property owner appears to of been set too high  In 2008 it was re-assessed at $24 million because the project was still not completed.  This change impacted the tax increment that TID #68 was to be able to collect.  The resolution removes the property and re-adds it to the TID at the correct level, resetting the baseline value of the TID allowing it to begin generating increment.  This change will still allow the TID to be repaid by 2029 which is within its legal lifetime.  This item was approved and will now go before the full Common Council.