Number
090926
Version
ORIGINAL
Reference
001778, 040391, 041629
Sponsor
ALD. HINES
Title
Resolution approving Amendment No. 3 to the Project Plan for Tax Incremental District No. 44, Walnut/Locust Neighborhood Improvement Fund, authorizing additional borrowing for eligible project activities and approving the terms of a Development Agreement, in the 15th Aldermanic District.
Analysis
Adoption of this resolution will fulfill the statutory requirements for amending the Project Plan for Tax Incremental District No. 44, Walnut/Locust Neighborhood Improvement Fund or “Lindsay Heights.” The amendment revises the Project Plan to add additional borrowing authority to provide a loan to assist in the development of additional housing in the district that will complement and support past and current redevelopment activities. The district boundaries are generally North 12th Street, North 20th Street, West Walnut Street and West Locust Street. This resolution approves the terms of a Development Agreement and authorizes the Commissioner of the Department of City Development, other public officials, and the Redevelopment Authority of the City of Milwaukee to take such actions to accomplish the objectives of the amended Project Plan and authorizes the City Comptroller to create the necessary and appropriate subaccounts for Plan implementation.
Body
Whereas, Section 66.1105(4)(h)l., Wisconsin Statutes, permits the Redevelopment Authority of the City of Milwaukee (“Authority”), subject to the approval of the Common Council of the City of Milwaukee (“Common Council”), to amend the Project Plan for a Tax Incremental District; and
Whereas, On June 19, 2001, the Common Council adopted File No. 001778 approving a Project Plan and creating Tax Incremental District No. 44 (“TID No. 44”); and
Whereas, On July 27, 2004, the Common Council adopted File No. 040391 approving Amendment No. 1 to the Project Plan for the purpose of funding infrastructure improvements for a proposed ...
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