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File #: 190774    Version: 0
Type: Resolution Status: Passed
File created: 9/4/2019 In control: COMMON COUNCIL
On agenda: Final action: 9/24/2019
Effective date:    
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.
Sponsors: ALD. STAMPER
Indexes: TAX INCREMENTAL DISTRICTS
Attachments: 1. Amend 1 Project Plan TID 98, 2. Fiscal Impact Statement, 3. Comptroller Response, 4. PowerPoint Presentation, 5. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
10/4/20190 MAYOR SIGNED   Action details Meeting details Not available
9/24/20190 COMMON COUNCIL ADOPTEDPass11:4 Action details Meeting details Video Video
9/17/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Dan Casanova, Dept. of City Development Kalan Haywood, Haywood Group LLC Steven DeVougas, Haywood Group LLC Rocky Marcoux, Dept. of City Development Joshua Benson, Comptroller's Office Martin Matson, Comptroller
Pass5:0 Action details Meeting details Video Video
9/12/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/11/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/11/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/11/20190 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
9/4/20190 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
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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