Number
260433
Version
ORIGINAL
Reference
240382
Sponsor
ALD. COGGS
Title
Resolution approving Amendment No. 1 to the Project Plan and authorizing expenditures for Tax Incremental District No. 121 (Bronzeville Arts & Tech Hub), in the 6th Aldermanic District.
Analysis
This Resolution approves Amendment No. 1 to the Project Plan for the Tax Incremental District No. 121 (Bronzeville Arts & Tech Hub) (“Amendment No 1”), to fund the Commercial Component of the Bronzeville Arts & Tech Hub, as further described in Amendment No. 1 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. 121(“TID 121” or the “District”) was created by Council Resolution 240382 and RACM Resolution 11008 and TID No.121 remains in existence and has not been statutorily terminated; and
Whereas, The District was created in order to assist with the residential component of the Bronzeville Arts & Tech Hub, which created 60 units of affordable housing; and
Whereas, The Department of City Development (“DCD”) staff recommends that TID 121 be amended to provide funding for costs associated with the construction of the Commercial Component of the Bronzeville Arts & Tech Hub; and
Whereas, Amendment No. 1 to the TID 121 Project Plan will fund up to a $1.645 million cash grant funded by the development team, FIT Investment Group, LLC and Bronzeville Arts and Tech Hub, LLC, to assist in the funding of the Commercial Component of the Bronzeville Arts & Tech Hub, located at 610 West North Avenue in the Bronzeville Arts and Entertainment District in the 6th Aldermanic District; and
Whereas, As further provided in Amendment No. 1, the Commercial Component of the Bronzeville Arts & Tech Hub will consist of an approximately 29,000 square feet of commercial space designed for nonprofits, creative industry start-ups, and entrepreneurs; and
Whereas, On July 16, 2026, per Wis. Stat. 66.1105(4)(h)1., RACM adopted a resolution, following the required notice and public hearing, approving Amendment No. 1, 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 No. 1 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 No. 1, hereby finds and determines as follows:
1. Amendment No. 1 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. 240382, 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 No. 1 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 No. 1 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 the Project Plan, as amended by Amendment No. 1 to TID 121, which is attached to this Common Council file; 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 No. 1; and
3. Relative to the $1.645 million Developer-funded contribution provided for in the Amendment, a variance is authorized from the procedures of Common Council File No. 68-461-x, being the Guideline for the Control of Capital Expenditures, and directs the City Comptroller to:
Establish the appropriate accounts within the TID Project Account, No. 0336-TD012180000, to appropriate tax incremental collections equal to the total required to repay the City’s monetary obligation to the Developer, as provided in the Term Sheet for the District, in such amounts as set forth in the Amendment, as shall be necessary to implement the Amendment.
4. The City Comptroller is directed to establish all accounts and to make all appropriation transfers, upon request by the Department of City Development, for all revenue or expenditure activity under this resolution; and, be it
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 No. 1; 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 No. 1 approved hereby.
Drafter
DCD:Lori.Lutzka:ll
07/14/26/A