Number
090325
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. WADE AND HAMILTON
Title
Substitute resolution approving a Project Plan, authorizing expenditures and creating the North 35th Street and West Capitol Drive Tax Incremental District, in the 7th Aldermanic District.
Analysis
This substitute resolution approves the creation of a tax incremental district to redevelop the former A. O. Smith/Tower Automotive site as a business park, provide funding to assist in rehabilitating adjacent housing and provide funding for workforce training.
The district consists of approximately 293 acres of land zoned for
residential, industrial and commercial uses and is generally bounded by West Capitol Drive, North 26th Street, West Burleigh Street and North 36th Street.
The district contains approximately 1050 properties. The redevelopment of the former Tower site anticipates the development or reuse of 58 acres as a business park, 17 acres for retail or commercial uses and 5 acres for single and multi-family residences.
It is expected the overall redevelopment program will attract 700 - 1,000 long-term jobs to this location. The total project cost is estimated at $34 million of which approximately $15 million will be recovered through the tax increment district, $3 million will be provided through the City’s capital budget, $7 million from future capital appropriations or contingent borrowing and the balance will be funded through state and federal sources, including sources from the American Recovery and Reinvestment Act of 2009.
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(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Redevelopment Authority”) must...
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