Number
140453
Version
SUBSTITUTE 1
Reference
090564, 090688
Sponsor
ALD. PEREZ
Title
Substitute resolution approving Amendment No. 2 to the Project Plan and a Term Sheet authorizing expenditures for Tax Incremental District No. 75 (Reed Street Yards), in the 12th Aldermanic District.
Analysis
Tax Incremental District No. 75 (the "District") was created in 2009 for the purpose of providing the infrastructure necessary for the development of a water technology and research park at the Reed Street Yards. In 2011, Amendment No. 1 to the District was approved, which provided $6,217,770 for infrastructure improvements at the Reed Street Yards.
Amendment No. 2 to the District funds additional public infrastructure improvements, public parking, a public plaza and streetscaping associated with the Florida Lofts project and administrative expenses totaling $2,120,000. In addition, it creates a $5,000,000 Public/Private Venture Fund for new buildings at the Reed Street Yards, subject to future Common Council approval of a Term Sheet for each building.
Body
Whereas, On September 22, 2009, the Common Council of the City of Milwaukee ("Common Council") adopted File No. 090564, which approved a Project Plan and created Tax Incremental District No. 75 (Reed Street Yards) (the "District"); and
Whereas, On November 30, 2011, the Common Council adopted File No. 090688, which approved Amendment No. 1 to the Project Plan for the District; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on June 19, 2014, the Redevelopment Authority of the City of Milwaukee ("Authority") conducted a public hearing on Amendment No. 2 to the Project Plan for the District ("Amendment"), approved such Amendment by resolution and submitted such 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 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. 090564, pursuant to Section 66.1105(4)(gm)l and 4, Wisconsin Statutes, are unchanged.
2. The Amendment revises the project costs to be supported by the District and revises the Economic Feasibility Report that is part of the Project Plan and makes related changes regarding the timing of project costs and methods of financing. The improvement and/or development of such area are/is likely to enhance significantly the value of substantially all of the other real property in and adjoining the District.
3. The 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)4a, Wisconsin Statutes.
4. The percentage of the aggregate value of the equalized taxable property of the District, plus the incremental value of all other existing Tax Incremental Districts, does not exceed the statutory maximum 12 percent of the aggregate value of total equalized value of taxable property within the City; and, be it
Further Resolved, That the Amendment is approved and the Project Plan for the 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), Wisconsin Statutes.
2. The City Comptroller is directed to transfer the sum of $2,120,000, plus capitalized interest for two years, if necessary, from the Parent TID Account to the Project Account No. 0336-1910-TD07580000 for the purpose of providing a portion of the necessary funding for implementation of the Amendment.
3. The City Comptroller, in conjunction with the Commissioner of City Development, is directed to perform such acts and to create such accounts and subaccounts and make appropriate transfers, upon written request by the Department of City Development, for all revenue or expenditure activity under this resolution.
4. The proper City officials are directed to execute a Cooperation and Development Agreement with the Redevelopment Authority and Hovde Properties, LLC providing for the granting of funds to the Authority such that the Authority may make the grants to the Project, as specified in the Amendment, on the terms and conditions set forth in the Florida Lofts Term Sheet attached to the Amendment; and, be it
Further Resolved, That the proper City officials, including the City Attorney, Commissioner of City Development, Commissioner of Public Works and the City Comptroller are directed to execute any additional documents and instruments necessary to carry out the purposes of the Amendment, including, without limitation, amendments to the TID No. 75 Grant Agreement with Midwest Bikeshare, Inc. and the Building 41, LLC Development Agreement, in order to include additional costs associated with the Amendment.
Drafter
DCD:Dan.Casanova:dac
07/08/14