NUMB:
970960
VERS:
ORIGINAL
REF:
961951
XXBY:
ALD. HENNINGSEN
TITL:
Resolution directing the Department of City Development to prepare a Tax Incremental District Project Plan for the area generally bounded by West Wisconsin Avenue and West Clybourn Street, between North 26th and North 28th Streets. (DCD)
ANLS:
- Analysis -
This resolution directs the Department of City Development to prepare a Tax Incremental District Project Plan for retail and residential development within the four block area described above.
BODY:
Whereas, File No. 961951, adopted by the Common Council on April 22, 1997, directed the Department of City Development to explore the feasibility of a Tax Incremental District for the area bounded by West Wisconsin Avenue and West Clybourn Street, between North 26th and North 28th Streets; and
Whereas, The Department has conducted a preliminary analysis of residential and retail facilities to be located in this area and has determined, subject to additional market analysis, that a Tax Incremental District located within this area is preliminarily feasible such that the redevelopment costs associated with implementing new retail or residential developments in this substantially vacant and blighted area can be recovered within a 15 to 20 year period; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Department of City Development is authorized and directed to prepare a Tax Incremental District Project Plan encompassing certain sites within the area bounded by West Wisconsin Avenue and West Clybourn Street, between North 26th and North 28th Streets, which Plan shall provide for the ability to acquire and clear vacant, blighted and underutilized structures and facilities for the purposes of promoting new retail and residential facilities in the District; and, be it
Further Resolved, That the Project Plan for this Tax Incremental District shall be presented to the City Plan Commission no later than December 8, 1997.
ZDPT:
DFTR:
DCD/JS/arj
09/22/97/A