Number
031665
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BREIER
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 55 (Holt Plaza), in the 14th Aldermanic District.
Analysis
This substitute resolution creates a Tax Incremental District and approves a Project Plan for the Holt Plaza Project. The Project Plan provides payments to the Mifflin Care Center, the Developer, in an amount of up to $2 million for redevelopment costs at Holt Plaza associated with refinancing of the existing debt. The payments to the Developer will be funded from tax incremental revenue generated by the development.
Body
Whereas, Section 66.1105, Wisconsin Statutes, the "Tax Increment Law," provides a means for cities to finance the improvement of areas in need of redevelopment; and
Whereas, Section 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee ("Common Council") and the Redevelopment Authority of the City of Milwaukee ("Authority") must follow to create a Tax Incremental District ("District" or "TID") and approve a Project Plan ("Plan") for the District; and
Whereas, Pursuant to Wisconsin Statutes, the Authority conducted a public hearing on the Plan creating TID No. 55 and, therefore, recommended that the District be created and is hereby submitting such recommendation to the Common Council for approval with a proposed Plan for the District, a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed District must qualify as either a "blighted area" within the meaning of Section 66.1105(2)(a), Wisconsin Statutes; an area "in need of rehabilitation or conservation work" within the meaning of Section 66.1337(3), Wisconsin Statutes; or must be suitable for "industrial sites" within the meaning of Section 66.1101, Wisconsin Statutes, and be zoned for industrial use; and
Whereas, Property standing vacant within the meaning of Section 66.1105(4)(gm)1., Wisconsin Statutes, for an entire 7-year period immediately preceding adoption of this resolution shall not exceed 25 percent, by area, of the District; and
Whereas, Based upon field survey and available public information and records, 100 percent (20.56 acres, more or less), by area, of the real property located within the proposed District, as identified in Exhibit 2 of the above referenced Plan, consists of properties which, in the aggregate, are blighted, and, therefore, the District meets the criteria essential to creation of a District as set forth in Section 66.1105(4)(gm)4.a., Wisconsin Statutes; and
Whereas, Based upon field survey and available public information and records, not more that 25 percent, by area, of the real property located within the proposed District has been vacant, within the meaning of Section 66.1105(4)(gm)(1), Wisconsin Statutes, for an entire 7-year period immediately preceding the creation of this proposed District as identified in Exhibit 2 of the above referenced Plan and, therefore, the District meets the criteria essential to creation of a District as set forth in Section 66.1105(4)(gm)(1), Wisconsin Statutes; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, regarding Tax Incremental District No. 55, City of Milwaukee, that it finds and determines as follows:
1. By virtue of the fact that vacant property, by area, does not exceed the maximum 25 percent for 7 years and that not less than 50 percent, by area, of the real property within the proposed District, qualifies as "blighted," the District as proposed, therefore, meets the criteria set forth in Section 66.1105(4)(gm), Wisconsin Statutes, for creation of the District.
2. The improvement and/or redevelopment of such area, as hereinafter provided, is likely to enhance significantly the value of substantially all of the other real property in and adjoining such District.
3. Project costs relate directly to eliminating blight and directly serve to promote development consistent with the City's Master Plan, and with the purpose(s) for which this District is created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes.
4. The percentage of the aggregate value of the equalized taxable property of the District plus all existing Districts, has been determined to be less than the statutory maximum 7 percent of the aggregate value of total equalized value of taxable property within the City of Milwaukee ("City"); and, be it
Further Resolved, That TID No. 55, City of Milwaukee, is created as of the date January 1, 2004 and that the boundaries of said District are approved as described in the Plan, and that said boundaries include only whole units of property as are assessed for the general property tax purposes, and do not include any area identified as a wetland on a map under Section 23.32, Wisconsin Statutes; and, be it
Further Resolved, That the Plan is approved as the Project Plan for said District and that the Plan 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 authorized and directed to apply in writing to the Wisconsin Department of Revenue for a "Determination of Tax Increments and Tax Incremental Base," for the District pursuant to the provisions of Section 66.1105(5), Wisconsin Statutes.
2. Pursuant to the provisions of Section 66.1105(5)(f), Wisconsin Statutes:
a. The Assessment Commissioner is authorized and directed to identify upon the assessment roll, returned and examined under Section 70.45, Wisconsin Statutes, those parcels of property which are within TID No. 55, City of Milwaukee, specifying thereon the name of the District.
b. The City Clerk is authorized and directed to make notations on the tax roll for the District similar to those required to be made under Section 70.65, Wisconsin Statutes.
3. The Commissioner of City Development or her designee(s), is authorized and directed to act on behalf of the Common Council as coordinator of all TID-related activities, which, in her judgment, are necessary to carry out the Plan and intent of this resolution.
4. The City Comptroller is authorized and directed to transfer funds from the Parent TID Account to the appropriate Subaccount, No. TD05580000, for the purpose of providing funds that are necessary to implement the estimated Plan. The estimated amount to be transferred according to the Project Plan is $2,140,000, but not to exceed the total tax incremental collections.
5. Should it be determined that this TID shall be financed through a private developer, 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 directed to:
a. Establish a supplemental appropriation offset by estimated revenue appropriation account to accept funds from the private sector.
b. Receive appropriate tax incremental collections equal to the total required to repay the private sector and any costs incurred by the City in such amounts as set forth in the estimated Plan as shall be necessary to implement the Plan.
6. The Commissioners of City Development and Public Works and the City Engineer are authorized and directed to take such actions as are necessary, including the acceptance of developer deposits and the execution of contracts to finance, design, engineer and construct the proposed improvements in accordance with the objectives approved in the Plan.
7. The City Comptroller, in conjunction with the Commissioner of City Development, is authorized and directed to perform such acts and to create such subaccounts as are necessary to maintain the fiscal control required to carry out the Plan and the intent of this resolution.
8. All City officials, departments, boards, authorities and commissions are also requested, authorized and directed, respectively, to take all necessary actions and to provide all necessary assistance as may from time to time be needed by the above-identified officials to carry out the Plan and intent of this resolution.
9. The City Clerk is directed to transmit a certified copy of this Common Council resolution, along with a copy of the Plan attached to said File, to the Commissioner of Public Works, the Commissioner of Neighborhood Services, the Commissioner of City Development, the Assessment Commissioner, and the City Engineer, for administrative and/or informational purposes, respectively, and to the Joint Review Board established for the District.
Drafter
DCD:JAB:jab
04/07/04