Number
090926
Version
ORIGINAL
Reference
001778, 040391, 041629
Sponsor
ALD. HINES
Title
Resolution approving Amendment No. 3 to the Project Plan for Tax Incremental District No. 44, Walnut/Locust Neighborhood Improvement Fund, authorizing additional borrowing for eligible project activities and approving the terms of a Development Agreement, in the 15th Aldermanic District.
Analysis
Adoption of this resolution will fulfill the statutory requirements for amending the Project Plan for Tax Incremental District No. 44, Walnut/Locust Neighborhood Improvement Fund or “Lindsay Heights.” The amendment revises the Project Plan to add additional borrowing authority to provide a loan to assist in the development of additional housing in the district that will complement and support past and current redevelopment activities. The district boundaries are generally North 12th Street, North 20th Street, West Walnut Street and West Locust Street. This resolution approves the terms of a Development Agreement and authorizes the Commissioner of the Department of City Development, other public officials, and the Redevelopment Authority of the City of Milwaukee to take such actions to accomplish the objectives of the amended Project Plan and authorizes the City Comptroller to create the necessary and appropriate subaccounts for Plan implementation.
Body
Whereas, Section 66.1105(4)(h)l., Wisconsin Statutes, permits the Redevelopment Authority of the City of Milwaukee (“Authority”), subject to the approval of the Common Council of the City of Milwaukee (“Common Council”), to amend the Project Plan for a Tax Incremental District; and
Whereas, On June 19, 2001, the Common Council adopted File No. 001778 approving a Project Plan and creating Tax Incremental District No. 44 (“TID No. 44”); and
Whereas, On July 27, 2004, the Common Council adopted File No. 040391 approving Amendment No. 1 to the Project Plan for the purpose of funding infrastructure improvements for a proposed single-family development on a site bounded by North 12th, North 14th, West Brown and West Lloyd Streets; and
Whereas, On April 12, 2005, the Common Council adopted File No. 041629 approving Amendment No. 2 to the Project Plan for the purpose of providing additional funds for the TID’s residential loan pool; and
Whereas, Pursuant to Section 66.1105(4)(h)l., Wisconsin Statutes, and following the required notice and public hearing, the Authority adopted Amendment No. 3 to the Project Plan for TID No. 44 (“Amendment”), a copy of which is attached to this Common Council File, and is now forwarding it 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 for a TID shall be approved by the Common Council prior to or concurrent with the adoption of a resolution by the Common Council, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, regarding Amendment No. 3 to TID No. 44, that it finds and determines as follows:
1. The Amendment retains the existing boundaries of the district and does not alter the number of properties within the district. Therefore, the findings made in File No. 001778, pursuant to Section 66.1105(4)(gm)l. and 4., Wisconsin Statutes, are unchanged.
2. The Amendment revises the Economic Feasibility Study that is part of the Project Plan and adds funding for project activities to be supported by the district and makes related changes regarding project costs and financing.
3. Project costs provided in the Amendment relate directly to promoting development consistent with the City’s Master Plan and with the purpose(s) for which the district was created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes; and, be it
Further Resolved, That the Amendment is approved by the Common Council and that the Project Plan for said district, as amended, is feasible, in conformity with the Master Plan for the City and will promote the orderly development of the City; and, be it
Further Resolved, That:
1. The City Clerk is directed to notify the Wisconsin Department of Revenue, in such form as may be prescribed by said Department, of the approval of this Amendment pursuant to the provisions of Section 66.1105(5)(cm), Wisconsin Statutes.
2. The Commissioner of the Department of City Development (“DCD”), or designee(s), is directed to act on behalf of the Common Council as coordinator of all TID-related activities, which, in said Commissioner’s judgment, are necessary to carry out the Project Plan and intent of this Common Council File.
3. The City Comptroller is directed to increase TID No. 44, Account No. TDO4480000, by the amount of $630,000 from the Parent TID Account, for the purpose of providing funds necessary to implement the Amendment.
4. The City Comptroller, in conjunction with the Commissioner of DCD, is directed to perform such acts and to create such subaccounts as are necessary to maintain the fiscal control required to carry out the Amendment and the intent of this Common Council File.
5. The proper City officials are directed to enter into a Development Agreement for the district on terms substantially in accordance with those set forth in a Term Sheet, a copy of which is attached to this Common Council File.
Drafter
DCD:CC:cc
11/03/09/A