Number
071392
Version
SUBSTITUTE 2
Reference
011182, 041514
Sponsor
ALD. D’AMATO
Title
Substitute resolution authorizing additional funding and Contingent Borrowing for Tax Incremental District No. 48 (Park East) and approving the terms of a Riverwalk Development Agreement for the property located at 202 West Juneau Avenue.
Analysis
This substitute resolution authorizes $1,250,202 in additional project costs within Tax Incremental District No. 48 for purchase of right-of-way for Ogden and Market Street extensions and a riverwalk and public infrastructure project (both of which were approved within the original Tax Incremental District) and it also approves the terms of a Riverwalk Development Agreement.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) approved the creation of Tax Incremental District No. 48 (“TID No. 48” or “TID”) on March 5, 2002, via File No. 011182 and amended such TID on May 3, 2005, via File No. 041514; and
Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances and the Updated Economic Feasibility Study for TID No. 48, desires to provide funding sufficient to cover all TID No. 48 public improvement costs, including public riverwalk and right-of-way costs, in accordance with the Project Plan; and
Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances and the Updated Economic Feasibility Study for TID No. 48, desires to enter into a Riverwalk Development Agreement between the City of Milwaukee, the Redevelopment Authority of the City of Milwaukee and Milwaukee Block 10 Properties, LLC, for a riverwalk and public infrastructure project approved within the original TID; and
Whereas, The Updated Economic Feasibility Study, a copy of which is attached to this Common Council File, demonstrates that the proposed Aloft project will generate sufficient revenues to TID No. 48 to fully amortize $1.47 million bond issuance cos...
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