Number
041514
Version
SUBSTITUTE 4
Reference
011182
Sponsor
ALD. D'AMATO
Title
Substitute resolution approving an Amended and Restated Project Plan and boundary for Tax Incremental District No. 48 (Park East) in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
This substitute resolution approves the Amended and Restated Project Plan and expands the boundary for the Park East Tax Incremental District No. 48. Adoption of this resolution increases the project budget from $3.9 million to $19,962,895, excluding capitalized interest and bond issuance costs, and authorizes the expenditure of this sum.
Body
Whereas, Section 66.1105(4)(h)1, Wisconsin Statutes, permits the Redevelopment Authority of the City of Milwaukee ("RACM"), subject to the approval of the Common Council, to amend the Project Plan for a Tax Incremental District; and
Whereas, The Common Council of the City of Milwaukee ("Common Council") on March 5, 2002, adopted File No. 011182, which approved a Project Plan and created Tax Incremental District No. 48 (Park East); and
Whereas, On March 17, 2005, pursuant to Section 66.1105(4)(h)1, Wisconsin Statutes, and following the required notice and public hearing, RACM adopted the Amended and Restated Project Plan and boundary for Tax Incremental District No. 48 ("Amendment"), a copy of which is attached to this Common Council File; and
Whereas, RACM has submitted the Amendment to the Common Council for its approval; and
Whereas, Section 66.1105(4)(g) and (h)1, Wisconsin Statutes, provides that an amendment to a Project Plan for a Tax Incremental District shall be approved by RACM prior to or concurrent with the adoption of a resolution by the Common Council which contains findings that such amendment is feasible and in conformity with the master plan of the city; and
Whereas, The Amendment was duly reviewed and considered by the Zoning, Neighborhoods and Development Committee and determined to be feasible; by RACM and determined to be sufficiently complete in detail to establish that the public works and improvements and the land uses proposed conform with the Master Plan for the City of Milwaukee, as amended to date; and by the City Attorney and determined to be complete and compliant with Section 66.1105(4)(f), Wisconsin Statutes; and
Whereas, Pursuant to Section 66.1105(4)(h)1, Wisconsin Statutes, the Amendment is further subject to review by the Joint Review Board and will be submitted to the Board for review upon adoption of this resolution; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, regarding the Amended and Restated Project Plan for Tax Incremental District No. 48, City of Milwaukee, that it finds and determines as follows:
1. As implementation of the Project Plan ("Plan") for the District has proceeded, it has become necessary to address new redevelopment opportunities and accommodate changes in the types and amount of project-related costs.
2. The Amendment changes the existing boundaries of the District and adds 21 parcels comprising approximately 8.44 acres to the District. However, the findings made in Common Council File No. 011182, pursuant to Section 66.1105(4)(gm)1 and 4, Wisconsin Statutes, are unchanged.
3. The Amendment revises the Economic Feasibility Report, a copy of which is attached to this Common Council File, that is a part of the Plan, adds projects to be supported by the District and makes related changes regarding project costs and financing; and, be it
Further Resolved, That the Amendment is approved by the Common Council and that the Plan for said District, as amended, is feasible, in conformity with the Master Plan for the City and will promote the orderly development of the City of Milwaukee; and, be it
Further Resolved, That:
1. The City Clerk is authorized and directed to notify the Wisconsin Department of Revenue in such form as may be prescribed by said Department of the approval of this Amended Plan pursuant to the provisions of Section 66.1105(5)(cm), Wisconsin Statutes.
2. The Commissioner of the Department of City Development or his designee(s) is authorized and directed to act on behalf of the Common Council as coordinator of all Tax Incremental District ("TID") related activities, which in his judgment are necessary to carry out the Amended Plan and intent of this resolution.
3. The City Comptroller is authorized and directed to increase Tax Incremental District No. 48 to the total amount of $19,962,895, plus up to an additional 10 percent for financing expenses as determined by the City Comptroller and the Commissioner of the Department of City Development and from the TID Parent Account to the Project Account No. TD04880000, such funds shall be approved by the Common Council through usual budgetary procedures and made available upon request by the Commissioner of the Department of City Development.
4. The Commissioners of the Department of City Development and Public Works and the City Engineer are authorized and directed to take such actions as are necessary, including execution of contracts to finance, design, engineer and construct the proposed improvements in accordance with the objectives of the approved Amended Plan.
5. The City Comptroller, with the concurrence of the Commissioner of the Department 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 Amended Plan and the intent of this resolution.
6. RACM and all other City officials, departments, boards, authorities and commissions are requested, authorized and directed to take all necessary actions and to provide all necessary assistance as may be needed by the above-identified officials to carry out the Amended Plan and intent of this resolution.
7. The City Clerk is directed to transmit a certified copy of this resolution, along with a copy of the Amended Plan, to the Commissioner of Public Works, the Commissioner of the Department of Neighborhood Services, the Commissioner of the Department of City Development, the Assessment Commissioner and the City Engineer for administrative and/or informational purposes and to the Joint Review Board for review in accordance with the procedures and criteria set forth in Section 66.1105(4m), Wisconsin Statutes.
Drafter
DCD:MJW:mjw
05/03/05