Number
110075
Version
SUBSTITUTE 1
Reference
971154
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 35 (N. 27th Street and W. Wisconsin Avenue) to expand the District boundary and amend the project costs, and authorizing expenditures for the District. (4th Aldermanic District)
Analysis
This resolution approves Amendment No. 1 to the Project Plan for Tax Incremental District No. 35 (N. 27th Street and W. Wisconsin Avenue). Amendment No. 1 adds the block bounded by W. Wells Street, W. Wisconsin Avenue, N. 26th Street and N. 27th Street to the District and provides for public acquisition of land along the east side of 27th Street between Wells and Wisconsin for right-of-way purposes as part of the Project Plan.
The resolution also directs the Commissioner of City Development to amend, as necessary, various sections of the Project Plan so that they are consistent with Amendment No. 1. Upon completion of these revisions, the Commissioner shall submit them to this Common Council file, and they shall be considered part of the approved Amendment No. 1 to the Project Plan for Tax Incremental District No. 35.
Body
Whereas, On February 10, 1998, the Common Council adopted File No. 971154, a resolution creating Tax Incremental District (“TID”) No. 35 (N. 27th Street and W. Wisconsin Avenue) and approving the Project Plan for the District; and
Whereas, The general purpose of the District was to spur the redevelopment of the 2-square-block area bounded by W. Wisconsin Avenue, W. Michigan Street, N. 26th Street and N. 28th Street, primarily through land acquisition and assembly, public infrastructure improvements and the provision of loans to eligible developers; and
Whereas, The commercial district in the vicinity of 27th and Wisconsin continues to be in need of economic revitalization, which could be stimulated in part through enhancing the physical appearance of N. 27th Street...
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