3 TIFS TO BE DISSOLVED

Three Milwaukee Tax Incremental Financing Districts [TIF] are scheduled to be dissolved because they now generate sufficient revenue to cover each district's remaining outstanding debt, according to legislation introduced to the Milwaukee Common Council today.
They include TIF No. 5; TIF No. 11 and TIF No.29.
TIF No. 5, established in 1985, is more commonly known as the Theater District. Number 11 is better known at the Historic Third Ward, and was established in 1988. The final TIF is known as "Park East II," and was established in 1995.
The combined incremental property value in the three districts, as of 2005, was $271,964,400. Upon dissolution, the tax base will become available for general levy purposes.
The resolution to dissolve the districts will also authorize distribution of $4,168,353 surplus funds to the City of Milwaukee and other taxing jurisdictions.
--Michael Horne