Number
141263
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. BAUMAN, KOVAC, WADE AND HAMILTON
Title
Substitute resolution approving a Project Plan, a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 82 (East Michigan Street), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 82 comprises two properties at 909 East Michigan Street (Tax Key No. 392-1678-121) and 833 East Michigan Street (Tax Key No. 396-0491-000), totaling approximately 4.6 acres. The District is generally located west of Lincoln Memorial Drive between East Michigan Street and East Clybourn Street in the City of Milwaukee.
The District will fund a multimodal transportation hub and other public improvements, infrastructure and amenities necessary to expand transit options and promote development of the District and surrounding properties, infrastructure for the Milwaukee Streetcar initial line and lakefront line, a workforce development program and administration totaling $49,550,000.
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 (“Authority”) must follow to create a tax incremental district (“TID” or “District”) and approve a project plan for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on December 2, 2014 the Authority conducted a public hearing on the proposed Project Plan for the District (“Plan”), designated the boundaries of the District, recommended that the District be created and submitted such recommendation to the Common Council for approval with the Plan, a copy of which is attached to this Common Council File; and
Wher...
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