City of Milwaukee - File #: 231456

• File #: 231456
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 1/17/2024
• In control: COMMON COUNCIL
• Final action: 2/6/2024
• Title: Resolution approving Amendment No. 6 to the Project Plan, authorizing expenditures for Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts and to allow donations to Tax Incremental District No. 74 (North 35th Street and West Capitol Drive), in the 7th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
2/7/2024	0	MAYOR	SIGNED
2/6/2024	0	COMMON COUNCIL	ADOPTED	Pass	14:0
1/30/2024	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Dan Casanova, Dept. of City Development Pres. Ald. Jose Perez, 12th Ald. Dist. David Misky, RACM Mr. Casanova gave a presentation. Pres. Perez requested for further breakdown of monies donated and investment made to TID 74 and the areas surrounding TID 74.	Pass	5:0
1/17/2024	0	COMMON COUNCIL	ASSIGNED TO

Number
231456
Version
ORIGINAL
Reference
011182, 041514, 101297, 151547, 160418, 221817, 090325 and 140437
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 6 to the Project Plan, authorizing expenditures for Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts and to allow donations to Tax Incremental District No. 74 (North 35th Street and West Capitol Drive), in the 7th Aldermanic District.
Analysis
Tax Incremental District No. 48 was created in 2002 to fund public infrastructure to encourage redevelopment of the former Park East Freeway Corridor. In 2011, the District was amended to provide loans to the North End and Moderne apartment projects. In 2016, the District was amended to fund Riverwalk improvements. In 2023, the District was amended to provide funding for the Vel R. Phillips Plaza and other infrastructure improvements. Tax Incremental District No. 74 (North 35th Street and West Capitol Drive) was created in 2009 to assist in the redevelopment of the former Tower Automotive site and was amended in 2014 to reset its base value. This proposed Amendment No. 6 to TID No. 48 would provide up to $5,750,000 for public infrastructure improvements, $250,000 for administration and up to $11,750,950 in donations to TID No. 74.
Body
Whereas, On March 5, 2002, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 011182, which approved a Project Plan and created Tax Incremental District No. 48 (Park East) (the “District”); and

Whereas, On May 3, 2005, the Common Council adopted File No. 041514, which approved Amendment No. 1 to the District; and

Whereas, On July 26, 2011, the Common Council adopted File No. 101297, which approved Amendment No. 2 for the District; and

Whereas, On March 1, 2016, the Common Council adopted File No. 151547, which approved Amendment No. 3 for the District; and

Whereas, On July 26, 2016, the Common Council adopted File No. 160418, which approved A...