Number
251765
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 127, 100 East Wisconsin, and authorizing additional expenditures, in the 4th Aldermanic District.
Analysis
This substitute resolution approves Amendment No. 1 to TID No. 127, 100 East Wisconsin, and authorizes the expenditure of an additional cash grant in the amount of $2,200,000 paid to the Developer as part of a development agreement for additional hard and softs costs to improve workforce housing in the downtown area and an additional $40,000 for the administration of the TID.
The Tax Incremental District, as amended, will fund an annual payment to the Developer for 20 years, equal to 100 percent of any incremental property taxes (less $10,000 in annual expenses), resulting from the taxable value of real and personal property in the Tax Incremental District, not to exceed an amount equal to $16,600,000, plus interest, as further described in the amended Project Plan attached to this Common Council file.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) adopted File No. 250525, on July 31, 2025 which approved a Project Plan (“Plan”) and created Tax Incremental District No. 127, 100 East Wisconsin (“TID No. 127” or “District”); and
Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, on February 19, 2026, 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 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, 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 District is “in need of rehabilitation or conservation work” within the meaning of Section 66.1105(4)(gm)4.a., Wisconsin Statutes;
2. The boundaries of the District remain unchanged.
3. 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.
4. The project costs provided in the Amendment relate directly to promoting development and the Project Plan, as amended, is feasible and in conformity 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.
5. The percentage of territory in the District devoted to retail business at the end of the expenditure period will be less than 35 percent.
6. 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:
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 Relative to the City’s additional $2,240,000 contribution provided for in the amended Project Plan for the District, which is to be initially paid by Developer and reimbursed by the City, a variance is authorized from the procedures of Common Council File No. 68-461-x, being the Guidelines for the Control of Capital Expenditures, and the City Comptroller is hereby directed to establish the appropriate accounts within the TID Project Account, No. 0336-1910-TD12780000, to appropriate tax incremental collections equal to the total required to reimburse the Developer for the City’s contribution plus interest, as provided in the amended Term Sheet found in the amended Project Plan for the District, in such amounts as set forth in the Plan, and as shall be necessary to implement the Plan.
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 Project Plan as hereby amended.
Drafter
DCD:Larry.Kilmer:lk
02/24/26