Number
091152
Version
SUBSTITUTE 1
Reference
970388
Sponsor
THE CHAIR
Title
Substitute resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 34, Third Ward Riverwalk, in the 4th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 34 in 1997 for the purpose of facilitating the extension of the City’s riverwalk system along the east bank of the Milwaukee River between East Clybourn Street on the north and the intersection of East Pittsburgh Avenue and North Broadway on the south.
TID No. 34 has incurred or is expected to incur project costs of $6,839,531, for riverwalk-related improvements, interest expenses (including future interest expenses) and administration costs. The District has received incremental tax revenue in the amount of $8,869,670.
Amendment No. 1 to the Project Plan for TID No. 34 will provide funding for the paving of two street segments located outside, but within one-half mile of, the District boundary, specifically: North Plankinton Avenue between West Wisconsin Avenue and West Wells Street and North Edison Street between East State Street and East Juneau Avenue.
The estimated total cost of this paving work is $395,000. Following implementation of this work, anticipated for 2010-2011, the District will be closed out.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on September 23, 1997, adopted File No. 970388 approving a Project Plan and creating Tax Incremental District No. 34, Third Ward Riverwalk (“District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on January 21, 2010, the Redevelopment Authority of the City of Milwaukee conducted a public hearing on Amendment No. 1 to the Project Plan for the District (“Amendment”), approved such Amendment by resolution and submitted such Amendment, a copy of which is attached to this Common Council File, to the Common Council for its...
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