Number
151547
Version
SUBSTITUTE 1
Reference
011182, 041514, 101297
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving Amendment No. 3 to the Project Plan authorizing additional funding and expenditures for Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
Tax Incremental District No. 48 was created in 2002 to fund the redevelopment of 64 acres of vacant land made available by the removal of the former Park East Freeway spur. The purpose of the Project Plan and subsequent amendments was to fund public infrastructure in the former freeway corridor to promote redevelopment of the vacant parcels, including providing funding for the North End Project. Amendment No. 3 will authorize $375,000 in additional project funding to be used for workforce training and capacity-building programs.
Body
Whereas, On March 5, 2002, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 011182, which approved a Project Plan and created Tax Incremental District No. 48 (Park East) (the “District”); and
Whereas, On May 3, 2005, the Common Council adopted File No. 041514, which approved Amendment No. 1 to the Project Plan and an updated boundary for the District; and
Whereas, On July 26, 2011, the Common Council adopted File No. 101297, which approved Amendment No. 2 to the Project Plan to fund additional public infrastructure, administrative costs and workforce development related to the North End Phase II Project; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on February 18, 2016, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 3 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, Sections 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provide that an amendment to a Project Plan shall be approved by the Common Council by 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 Deer District LLC (“Bucks”) entered into a Cooperation, Contribution and Development Agreement dated December 22, 2015 (“Development Agreement”), which required the City to contribute a minimum of $375,000 toward a workforce development program related to the construction of a new arena and related development to be undertaken by Bucks within the District; 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. 041514, 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.
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 $375,000 from the Parent TID Account to the Department of Administration for a workforce development program consistent with the Development Agreement.
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 for the purposes of implementing the Amendment on terms substantially in accordance with the Development Agreement.
Drafter
DCD:Alyssa.Remington:aer
02/17/16