Number
140732
Version
ORIGINAL
Reference
941820, 961790
Sponsor
THE CHAIR
Title
Resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 28 (City Homes) and authorizing expenditures, in the 15th Aldermanic District.
Analysis
The City of Milwaukee created Tax Incremental District No. 28 in 1995 to redevelop a site at North 21st Street and West Walnut Street to accommodate 43 single-family homes. The TID funded public improvements for the residential subdivision, and initially, subsidies to write-down the purchase price of the homes. The TID boundaries were expanded in 1997 to permit an additional 20 homes to be constructed. The District has fully recovered its costs. Amendment No. 2 to the District’s Project Plan will fund up to $250,000 of street paving outside of the District boundary, which costs are expected to be recovered from funds generated by the District.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”), on June 6, 1995, adopted File No. 941820, which approved a Project Plan and created Tax Incremental District No. 28 (City Homes) (“TID No. 28” or “District”); and
Whereas, The Common Council, on June 3, 1997, adopted File No. 961790, which approved Amendment No. 1 to the Project Plan and expanded the boundaries for TID No. 28; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on August 21, 2014, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 2 to the Project Plan for the District (“Amendment”), a copy of which is attached to this Common Council File; and
Whereas, Section 66.1105(4)(g) and (h)(1), Wisconsin Statutes, provides that an amendment to a Project Plan shall be approved by the Common Council with the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master Plan of the City of Milwaukee (“City”); now, therefore, be it
Resolved, By ...
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