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File #: 051169    Version:
Type: Resolution Status: Passed
File created: 12/13/2005 In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
On agenda: Final action: 2/7/2006
Effective date:    
Title: Substitute resolution relative to funding for Tax Incremental District No. 22 (Beerline “B”), in the 3rd and 6th Aldermanic Districts.
Sponsors: ALD. D'AMATO
Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING
Attachments: 1. Original Fiscal Note.pdf, 2. Substitute Fiscal Note, 3. Economic Feasibility Study.pdf, 4. Letter from Comptrollers Office regarding TID 22 Beer Line "B" Adjustment, 5. Fiscal Analysis, 6. Committee Amendment by Ald. McGee
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
2/13/20061 MAYOR SIGNED   Action details Meeting details Not available
2/7/20061 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
2/7/20061 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Not available
2/7/20061 COMMON COUNCIL SUBSTITUTEDPass14:0 Action details Meeting details Not available
1/31/20060 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Speakers: Ald. Michael McGee Mike Wisniewski - Dept. of City Development Craig Kammholtz - Comptroller's Office The Dept. of City Development will be providing a sub. to address the letter from the Comptroller's Office. The substitute will be introduced at the Council meeting of 2/7/06.
Pass5:0 Action details Meeting details Not available
1/31/20060 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE AMENDED

Minutes note: Motion by Ald. Michael McGee to amend Common Council File Number 051169 and the agreements relating thereto: 1. I move to amend agreements to require a minimum EBE participation rate of 50% and a minimum RPP participation rate of 50% for the following activities: $6,582,323 New Costs (50% of each riverwalk including Pleasant St. Market, Brewer’s Pt.1890 N Commerce St., 2070 N. Commerce St., 2176 N. Riverwalk Rd., and new streets adjacent to Pleasant St. Market and north of Holton, upgrade and maintain Kilbourn park through year 2007, bridge upgrades, enhancements, and cost overruns, administration and 10% contingency) 2. I move to amend CCFN 051169 by inserting 2 additional Whereas clause immediately preceding the existing final Whereas clause, as follows: Whereas, The typical requirements for City contracts are 18% Emerging Business Enterprise (EBE), 25% Residence Preference Program (RPP), and one or more apprentices from the affected construction trades; and Whereas, The TID No. 22 (Beerline “B”) project has set minimum requirements of 50% EBE, 50% RPP, and one or more apprentices from the affected construction trades engaged in work related to the $6,582,232 new project costs and contingencies approved by the Zoning, Neighborhoods and Development Committee on January 31, 2006; and 3. I move to amend CCFN 051169 by inserting one additional Further Resolved clause immediately preceding the existing final Further Resolved clause, as follows: Further Resolved, That the appropriate city officials including the City Attorney, Commissioner of City Development, and the City Comptroller, are directed to negotiate with the developer to fulfill the intent of the motions to amend the agreements as approved by the Zoning, Neighborhoods and Development Committee on January 31, 2006; and, be it
Fail1:4 Action details Meeting details Not available
1/23/20060 ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
12/13/20050 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available

Number

051169

Version

SUBSTITUTE 1

Reference

930935, 990110

Sponsor

ALD. D’AMATO

Title

Substitute resolution relative to funding for Tax Incremental District No. 22 (Beerline “B”), in the 3rd and 6th Aldermanic Districts.

Analysis

This substitute resolution fulfills the requirements of Section 304-93 of the Milwaukee Code of Ordinances as established by the Common Council under File No. 031616 related to the funding level of the active tax increment district projects. This resolution identifies the amount of $25,146,965 for the Tax Incremental District No. 22 project for public improvements along the Milwaukee River between approximately East Pleasant Street and East North Avenue.

Body

Whereas, The Common Council approved the creation of Tax Incremental District No. 22 (“TID No. 22”) on December 22, 1993 under File No. 930935 and amended it on July 29, 1999 under File No. 990110; and

 

Whereas, The Common Council, in accordance with Section 304-93 of the Milwaukee Code of Ordinances and the Economic Feasibility Study for TID No. 22 (a copy of which is attached to this Common Council File), desires to provide funding sufficient to cover all TID No. 22 public improvement costs in accordance with the Project Plan; and

 

Whereas, The Economic Feasibility Study demonstrates that TID No. 22 will generate $235,754,710 of private investment, which is sufficient to cover $36,283,352 in project costs plus interest and is projected to be retired by 2012; and

 

Whereas, Funds expended and provided to date are in the amount of $17,068,174.34 plus capitalized interest and will be increased to $25,146,965, which includes the projects in the Economic Feasibility Study; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, that the Tax Incremental District No. 22 expenditure limit is established at $25,146,965 plus capitalized interest (estimated at $733,400); and, be it

 

Further Resolved, That the project costs relate directly to promoting development consistent with the City's Master Plan and with the purpose(s) for which the District is created under Section 66.1105(4)(gm)4.a., Wisconsin Statutes; and, be it

 

Further Resolved, That the City Comptroller is authorized and directed to transfer the sum of $11,732,782 plus capitalized interest (estimated at $733,400), from the 2006 Parent TID Account to Project Account No. TDO2280000, raising the Project Account to $25,146,965 (plus capitalized interest estimated at $733,400) for the purpose of providing funds necessary to implement the Project Plan; and, be it

 

Further Resolved, That the City Comptroller, in conjunction with the Commissioner of the Department of City Development, is authorized and directed to perform such acts and to create such accounts and subaccounts and make appropriate transfers upon written request by the Department of City Development for all revenue or expenditure activity under this resolution; and, be it

 

Further Resolved, That the proper City officials are authorized and directed to enter into and amend all agreements necessary to carryout all activities described in the Economic Feasibility Study.

Drafter

DCD:MJW:CG:mjw

02/02/06