Number
250213
Version
ORIGINAL
Reference
Sponsor
ALD. PÉREZ
Title
Resolution approving Amendment No. 5 to the Project Plan for Tax Incremental District No. 68 (Fifth Ward-First Place), and authorizing additional expenditures, and approving a development agreement in the 4th and 12th Aldermanic Districts.
Analysis
This resolution approves Amendment No. 5 to Tax Incremental District No. 68 (Fifth Ward-First Place), and authorizes the expenditure of $12,000,000 for public infrastructure improvements, Riverwalk improvements, commercial property renovations and TID administration.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) adopted File No. 060895, on December 12, 2006 which approved a Project Plan (“Plan”) and created Tax Incremental District No. 68 (“TID No. 68” or “District”); and
Whereas, The Common Council adopted File No. 080541 on September 16, 2008, which approved Amendment No. 1 to the Project Plan for the District; and
Whereas, The Common Council adopted File No. 160416 on July 26, 2016, which approved Amendment No. 2 to the Project Plan for the District; and
Whereas, The Common Council adopted File No. 191901 on April 14, 2020, which approved Amendment No. 3 to the Project Plan for the District; and
Whereas, The Common Council adopted File No. 231137 on December 12, 2023, which approved Amendment No. 4 to the Project Plan for the District; and
Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, on March 19, 2026, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 5 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”); and
Whereas, The City, the Authority and Pontis, LLC (“Developer”) have negotiated a Riverwalk Development Agreement (“Development Agreement”), which will authorize the City to contribute a maximum of $235,000 to finance 70 percent of the eligible costs of constructing a Riverwalk adjacent to the Developer’s property, 100 percent of the eligible costs of constructing a future public access walk to Water Street and 50 percent of the eligible costs of constructing the dockwall adjacent to the Developer’s property at 350 South Water Street; and
Whereas, The boundaries of the District are not changing; and
Whereas, Per Section 66.1105(5)(b), Wisconsin Statutes, less than 35 percent of the territory within the District will be devoted to retail business at the end of the maximum expenditure period; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it finds and determines as follows:
1. The Amendment revises the project costs to be supported by the District and revises the Economic Feasibility Analysis that is part of the Project Plan and makes related changes regarding the timing of project costs. The improvements in the area are likely to enhance significantly the value of substantially all of the other real property in and adjoining the District.
2. The project costs provided in the Amendment relate directly to promoting development consistent with the City's Master Plan and with the purpose for which the District was created under Section 66.1105(4)(gm)4a, Wisconsin Statutes; namely, eliminating blight; 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 $12,000,000, plus up to 10 percent for capitalized interest, from the Parent TID Account to Project Account No. 0336-1910-TD06880000 for the purpose of providing funds necessary to implement the Amendment.
3. The City Comptroller, in conjunction with the Commissioner of the Department of City Development (“DCD”), is directed to perform such acts and to create such accounts and subaccounts and make appropriate transfers, upon written request by DCD, for all revenue or expenditure activity under this resolution.
4. The proper City officials are directed to execute any documents or agreements necessary, including the Development Agreement with Pontis, LLC, for the purposes of implementing the Amendment on terms substantially in accordance with the Project Plan.
Drafter
DCD:Alyssa.Remington:aer
03/24/26/A