City of Milwaukee - File #: 070158

• File #: 070158
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 4/17/2007
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 5/8/2007
• Title: Substitute resolution directing the proper City officials to prepare documents necessary for an adjustment to the Project Plan for Tax Incremental District No. 48 (Park East).
• Sponsors: ALD. D'AMATO
• Indexes: TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
5/15/2007	2	MAYOR	SIGNED
5/8/2007	2	COMMON COUNCIL	ADOPTED	Pass	15:0
5/1/2007	2	CITY CLERK	DRAFT SUBMITTED
5/1/2007	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	AMENDED; Minutes note: Individuals present: Ald. Willie Hines - President of the Milwaukee Common Council Rich Curto - RSC Development Bruce Block - Attorney representing RSC Wally Morics and Craig Kammholz - Comptroller's Office Joel Brennan and Allison Rozek - Dept. of City Development Mark Nicolini - Budget Office Tom Gartner - City Attorney's Office Amended to remove the references to the term sheet wherever they appear.	Pass	5:0
5/1/2007	2	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
4/26/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/25/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/25/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/25/2007	1	CITY CLERK	DRAFT SUBMITTED
4/25/2007	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
4/17/2007	0	COMMON COUNCIL	ASSIGNED TO

.Number
070158
Version
SUBSTITUTE 2
Reference
011182
Sponsor
ALD. D’AMATO
Title
Substitute resolution directing the proper City officials to prepare documents necessary for an adjustment to the Project Plan for Tax Incremental District No. 48 (Park East).
Analysis
This resolution directs the proper City officials, including the City Comptroller, the City Attorney and the Commissioner of City Development, to prepare documents necessary for an adjustment to the Project Plan for Tax Incremental District No. 48 (Park East) to provide tax incremental financing for a project proposed by RSC & Associates Inc. for Block 26 in the Park East Redevelopment Plan Project Area. These documents shall include, but not be limited to, an updated Economic Feasibility Study for Tax Incremental District No. 48.
Body
Whereas, On March 5, 2002, the Common Council passed File Number 011182, a resolution creating Tax Incremental District No. 48 to support redevelopment efforts in the Park East Freeway corridor; and

Whereas, RSC & Associates Inc. has proposed construction of a $78 million commercial and residential development on Block 26 in the Park East Redevelopment Plan Project Area; and

Whereas, RSC & Associates Inc. is seeking approximately $9 million in tax incremental financing to secure all the funding needed to undertake this project; and

Whereas, RSC & Associates Inc. also has an option to purchase land on Block 22 in the Park East Redevelopment Plan Project Area and, if the purchase is completed, intends to develop that site without any public financial assistance; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the proper City officials, including but not limited to the City Attorney, the City Comptroller and the Commissioner of City Development, are directed to prepare documents necessary for an adjustment to the Project Plan for Tax Incremental District No. 48 to provide tax incremental financing for a project proposed b...