Number
190774
Version
ORIGINAL
Reference
190070
Sponsor
ALD. STAMPER
Title
Resolution approving Amendment No. 1 to the Project Plan, a Development Agreement and authorizing expenditures for Tax Incremental District No. 98 (The Ikon), in the 15th Aldermanic District.
Analysis
Tax Incremental District No. 98 was created in 2019 for the purpose of providing a $4,000,000 loan to assist in the redevelopment of the former Sears and Milwaukee Mall building at 2100 West North Avenue into a 80-room boutique hotel, restaurant, retail/commercial space, parking and an adjacent 24,600 square foot conference center (the “Hotel Project”) called The Ikon.
Amendment No. 1 would provide an additional $5,000,000 loan to the Developer to assist with the Hotel Project, $500,000 for public infrastructure improvements and $500,000 for commercial corridor improvements. The District will also fund $112,500 in administrative expenses.
Body
Whereas, On May 7, 2019, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 190070, which approved a Project Plan and created Tax Incremental District No. 98 (The Ikon) (the “District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on August 15, 2019, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 1 to the Project Plan for the District (“Amendment”), approved the Amendment by resolution and submitted the Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and
Whereas, Section 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council with the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it finds a...
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