Number
081627
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DONOVAN
Title
Substitute resolution approving a Project Plan, authorizing expenditures and creating a Tax Incremental District for the City Lights Project, in the 8th Aldermanic District.
Analysis
Tax Incremental District No. 73 (the “District”) consists of a 22.8-acre site located at North 25th Street and West Mt. Vernon Street. The entire District is now located within Tax Incremental District No. 53 (Menomonee Valley Industrial Center).
The District is presently zoned Planned Development. The site is now largely used for warehousing, entertainment (skateboard park) and trucking. The property had been used by the Wisconsin Gas Light Company, a predecessor to the Wisconsin Gas Co. (now owned by WE Energies), where it manufactured coal gas for gas lights used before the widespread use of electric lights. Much of the complex was built in 1901-03. The site is occupied by buildings totaling approximately 98,000 square feet, including one which has a turret that can be seen prominently from I-94.
The proposed TID will fund the extension of a street and associated public utilities into the site to permit the conversion of the buildings into office uses. The cost of public improvements is estimated at $2.5 million with $2 million being provided from TID borrowing and the balance from the Sewer Maintenance Fund of the Capital Budget.
The first office tenant will be Zimmerman Architectural Studios, which will convert the largest building on the site into 43,000 square feet of office space.
The estimated payback period of the TID is 25 years. The balance of the buildings will be redeveloped over time and the developer will guarantee revenues will be sufficient to retire the debt.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin with amendments from other chapters of said Laws created Section 66.1105, Wisconsin Statutes, titled “Tax Increment Law;” and
Whereas, Section 66.1105...
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