Number
260874
Version
ORIGINAL
Reference
060961, 091567, 201473, 220302, 240383
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 5 to the Project Plan and authorizing expenditures for Tax Incremental District No. 70 (735 N Water), in the 4th Aldermanic District.
Analysis
This Resolution approves Amendment No. 5 to the Project Plan for the Tax Incremental District No. 70 (735 N Water), to fund $3.75 million in public plaza improvements on Market Street, $50,000 for the installation of ring buoys along the Milwaukee River, $100,000 for streetscaping improvements along Water Street and $100,000 for TID administration. In total, Amendment No. 5 would authorize the expenditure of $4 million in additional project funding, as further described in Amendment 5 to the Project Plan attached to this Common Council file.
Body
Whereas, Pursuant to Section 66.1105, Wis. Stat., entitled the “Tax Increment Law,” and with the approval of the Redevelopment Authority of the City of Milwaukee (“RACM”), the City of Milwaukee (“City”), and the Joint Review Board (“JRB”), Tax Incremental District No. 70 (“TID 70” or the “District”) was created and amended by Council Resolution 060961, 091567, 201473, 220302, 240383 and RACM Resolution[s] 10182, 10853, 10917, 11005 and TID 70 remains in existence and has not been statutorily terminated; and
Whereas, Department of City Development (“DCD”) staff has recommended that TID 70 provide funding for public plaza improvements, streetscaping improvements, Riverwalk safety improvements, a Riverwalk study and TID administration; and
Whereas, Section 66.1105(2)(f)1.n., Wis. Stat., permits amendments to fund project costs located outside, but within one-half mile of the District’s boundary; and
Whereas, Amendment 5 to the TID 70 Project Plan will fund $3.75 million in public plaza improvements on Market Street, $100,000 for streetscape improvements along Water Street $50,000 for the installation of ring buoys along the Milwaukee River, and $100,000 for TID administration, in and within one-half mile of the District; and
Whereas, On October 15, 2026, per Wis. Stat. 66.1105(4)(h)1., RACM adopted a resolution, following the required notice and public hearing, approving Amendment 5, and directing its submittal to the Common Council for approval and to the JRB for approval and at which RACM hearing interested parties were afforded reasonable opportunity to express their views on the amendment; and
Whereas, Amendment 5 will be submitted to the JRB for approval; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Council, having reviewed Amendment 5, hereby finds and determines as follows:
1. Amendment 5 does not amend the existing boundaries of the District and does not alter the number of properties within the District and the findings made in Common Council File No. 060961, pursuant to Section 66.1105(4)(gm)1 and 4, Wis. Stat., are unchanged, including that the District is in need of rehabilitation or conservation work within the meaning of Section 66.1105(4)(gm)4.a., Wisconsin Statutes and that the project costs in Amendment 5 relate directly to this purpose for which the TID was originally created pursuant to Section 66.1105(4)(gm)4.bm., Wisconsin Statutes.
2. Amendment 5 revises the project costs to be supported by the District and revises the forecast of the District’ Feasibility Analysis that is part of the Project Plan and makes related changes regarding the timing of project costs and methods of financing.
3. Per Section 66.1105(5)(b), Wis. Stat., less than 35 percent of the territory within the District will be devoted to retail business at the end of the maximum expenditure period; and
4. The equalized value of taxable property of the District plus the value increment of all other existing TIDs in the City does not exceed the statutory maximum 12 percent of the total equalized value of taxable property within the City; and
5. The Project Plan for said District, as amended, is feasible and in conformity with the Master Plan for the City and will promote the orderly development of the City and is likely to significantly enhance the value of other real property within the District; and, be it
Further Resolved, That:
1. The Council approves and adopts Amendment 5; and
2. 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 Amendment 5; and
3. The City Comptroller is directed to transfer up to $4,000,000 plus capitalized interest, from the Parent TID Account to the Project Account No. 0336-1910-TD07080000 for the purpose of providing funds necessary to implement Amendment 5; and
4. The City Comptroller, in conjunction with the Commissioner of 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; and
5. The proper City officials are authorized to enter and execute any additional documents, agreements, and instruments necessary to carry out the purposes of Amendment 5; and, be it
Further Resolved, That appropriate City staff, including the Comptroller and the Comptroller’s staff, are directed to take such further actions as are required to effectuate the intent of this resolution contemplated by Amendment 5 approved hereby.
Drafter
DCD:Alyssa.Remington:aer
10/13/26/A