City of Milwaukee - File #: 230331

• File #: 230331
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 6/20/2023
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 7/11/2023
• Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 116 (Riverwest Apartments and Food Accelerator), in the 3rd Aldermanic District.
• Sponsors: ALD. BROSTOFF
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
7/14/2023	0	MAYOR	SIGNED
7/11/2023	0	COMMON COUNCIL	ADOPTED	Pass	14:0
7/6/2023	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: This item was considered in companionship with item 5, CCFN 230327. Appearing: Sam Leichtling, Dept. of City Development Matt Haessly, Dept. of City Development Maria Prioletta, Dept. of City Development Anthony Kazee, KG Development Linda Gorens-Levey, General Capital Group Jackson Lindsay, II, General Capital Group Mariana Arena, Engberg Anderson Architects A presentation was made. No public testimony.	Pass	5:0
6/20/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
230331
Version
ORIGINAL
Reference

Sponsor
ALD. BROSTOFF
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 116 (Riverwest Apartments and Food Accelerator), in the 3rd Aldermanic District.
Analysis
Tax Incremental District No. 116 consists of three parcels located along North Avenue east of Humboldt Boulevard. The District is being created to assist in the development of a project containing a mixed use development, with 91 apartments and approximately 2,500 square feet of ground floor space related to food, cooking and nutrition education and food oriented entrepreneurship.

The Tax Incremental District will fund an annual payment to the Developer for a period of up to 20 years, equal to 100 percent of any incremental property taxes (less $7,500 in annual expenses), resulting from the increased taxable value of real and personal property in the Tax Incremental District, not to exceed an amount sufficient to repay up to $1,248,000.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin, with amendments from other chapters of said Laws, created Section 66.1105, Wisconsin Statutes, titled “Tax Increment Law;” and

Whereas, Section 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Authority”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan for a TID; and

Whereas, Pursuant to Section 66.1105(4) (a) through (gm), Wisconsin Statutes, on June 15, 2023, the Authority conducted a public hearing on the Project Plan, designated the boundaries of the District and recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (“Plan”), a copy of which is attached to this Commo...