Number
161075
Version
ORIGINAL
Reference
031578, 050395
Sponsor
ALD. COGGS
Title
Resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 54 (Stadium Business Park), in the 8th Aldermanic District, to allow donation to Tax Incremental District No. 59 (Bronzeville), in the 6th Aldermanic District.
Analysis
This resolution approves Amendment No. 1 to the Project Plan for Tax Incremental District No. 54 (Stadium Business Park) to allow donation to Tax Incremental District No. 59 (Bronzeville).
Body
Whereas, With the approval of each of the Redevelopment Authority of the City of Milwaukee (“RACM”), the City of Milwaukee (“City”) and the Wis. Stat. 66.1105 Joint Review Board (“JRB”), Tax Incremental District (“TID”) No. 54 (the “Stadium TID”) (Council Resolution 031578, RACM Resolution 9591) and TID No. 59 (the “Bronzeville TID”) (Council Resolution 050395, RACM Resolution 9753) were created and those TID’s remain in existence and have not been statutorily terminated; and
Whereas, City Department of City Development (“DCD”) staff recommended that the Stadium TID donate to the Bronzeville TID by allocating positive tax increments from the Stadium TID to the Bronzeville TID for each of years 2016-2020, inclusive, as contemplated and allowed by Wis. Stat. 66.1105(6)(f); and
Whereas, Per Wis. Stat. 66.1105(6)(f) and 66.1105(4)(h), and to accomplish the donation, DCD staff prepared the proposed Amendment No. 1 to the Project Plan for the Stadium TID (“Amendment 1”), a copy of which is attached to this Common Council File; and
Whereas, As Amendment 1 indicates, the proposed donation meets the requirements in Wis. Stat. 66.1105(6)(f), and Amendment 1 lists the proposed donation amounts and methodology to calculate those donation amounts; and
Whereas, On November 17, 2016, per Wis. Stat. 66.1105(6)(f) and (4)(h), RACM adopted a resolution, following required notice and public hearing, approving Amendment 1 and directing its subm...
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