Number
001365
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution relative to a Community Development Zone boundary amendment. (DCD)
Analysis
This resolution amends the boundaries of the Milwaukee Community Development Zone to include most industrial and manufacturing zoned property in the City of Milwaukee.
Body
Whereas, The City of Milwaukee ("City") has established the Community Development Zone Program in conjunction with the State of Wisconsin Department of Commerce; and
Whereas, The City has adopted a Community Development Zone Program in conjunction with the State of Wisconsin Department of Commerce; and
Whereas, The City has adopted a Community Development Zone Plan which identifies specific areas of the City as being Community Development Zones; and
Whereas, The State of Wisconsin, pursuant to Subchapter VI of Chapter 560, Wisconsin Statutes, and Chapter DOD 12, Wisconsin Administrative Code, is authorized to certify businesses located in Community Development Zones for a specific amount of state income tax credits subsequent to and consistent with the recommendation of the City; and
Whereas, Community Development Zone tax credits are now available for job creation and environmental remediation; and
Whereas, The City was originally given a limited amount of tax credits to recommend; and
Whereas, The State of Wisconsin has created a state-wide tax credit pool that the City can now access; and
Whereas, The expansion of the Community Development Zone boundaries will enable the City to offer this incentive to new and expanding industrial and manufacturing companies creating jobs for residents, as well as undertaking the cleanup of brownfield properties; and
Whereas, Said expansion will contribute to the City's tax base and quality of life; and
Whereas, The Common Council of the City of Milwaukee has amended the boundaries of the Community Development Zone on several previous occasions; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the Milwaukee Community Development Zone boundaries are amended as depicted on Exhibit A, a copy of which is attached to this Common Council File; and, be it
Further Resolved, That the Department of City Development is authorized to apply to the State of Wisconsin Department of Commerce for the boundary modifications to the Milwaukee Community Development Zone as depicted on Exhibit A.
Drafter
DCD:RT:rmf
01/16/01/B