Number
260874
Version
ORIGINAL
Reference
060961, 091567, 201473, 220302, 240383
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 5 to the Project Plan and authorizing expenditures for Tax Incremental District No. 70 (735 N Water), in the 4th Aldermanic District.
Analysis
This Resolution approves Amendment No. 5 to the Project Plan for the Tax Incremental District No. 70 (735 N Water), to fund $3.75 million in public plaza improvements on Market Street, $50,000 for the installation of ring buoys along the Milwaukee River, $100,000 for streetscaping improvements along Water Street and $100,000 for TID administration. In total, Amendment No. 5 would authorize the expenditure of $4 million in additional project funding, as further described in Amendment 5 to the Project Plan attached to this Common Council file.
Body
Whereas, Pursuant to Section 66.1105, Wis. Stat., entitled the “Tax Increment Law,” and with the approval of the Redevelopment Authority of the City of Milwaukee (“RACM”), the City of Milwaukee (“City”), and the Joint Review Board (“JRB”), Tax Incremental District No. 70 (“TID 70” or the “District”) was created and amended by Council Resolution 060961, 091567, 201473, 220302, 240383 and RACM Resolution[s] 10182, 10853, 10917, 11005 and TID 70 remains in existence and has not been statutorily terminated; and
Whereas, Department of City Development (“DCD”) staff has recommended that TID 70 provide funding for public plaza improvements, streetscaping improvements, Riverwalk safety improvements, a Riverwalk study and TID administration; and
Whereas, Section 66.1105(2)(f)1.n., Wis. Stat., permits amendments to fund project costs located outside, but within one-half mile of the District’s boundary; and
Whereas, Amendment 5 to the TID 70 Project Plan will fund $3.75 million in public plaza improvements on Market Street, $100,000 for streetscape improvements along Water Street $50,000 for the installation of ring buoys along the Milwauk...
Click here for full text