Number
170497
Version
SUBSTITUTE 1
Reference
040639, 040852, 080267, 090791, 130268, 141264, 141265, 150911
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving the Fourth Amendment to the Marine Terminal Building Development and Riverwalk Agreement and approving Amendment No. 5 to the Project Plan for Tax Incremental District No. 56 (Erie/Jefferson Street) and authorizing expenditures, in the 4th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 56 in 2004 by adoption of File No. 040639 to, among other things, increase public access to the Milwaukee River by construction of riverwalk and plazas, to provide assistance in funding for riverwalk improvements and to remove or improve obsolete railroad facilities. TID No. 56 was amended in 2009, by adoption of File No. 090791, to establish TID No. 56 as a “Donor” district to allow surplus revenue from TID No. 56 to be transferred to certain “Recipient” districts. TID No. 56 was amended again in 2013, by adoption of File No. 130268, to approve donation of funds from TID No. 56 to TID Nos. 58, 65 and 66 as well as to provide $128,000 for the acquisition of the former railroad right-of-way located at 501 East Erie Street and engineering studies thereof. TID No. 56 was amended in 2014, by adoption of File No. 141264, to increase funding for riverwalk improvements, provide funding for public improvements, provide funding for public infrastructure related to the Milwaukee Streetcar and to provide a cash grant for business relocation. TID No. 56 was amended again in 2015, by adoption of File No. 150911, to provide funding for dockwall improvements. This substitute resolution approves the Fourth Amendment to the Development and Riverwalk Agreement for the Marine Terminal Building Riverwalk Project.
Amendment No. 5 to the Project Plan for TID No. 56 will provide $1,170,650 in funding for the construction of the publicly accessible Trestle Park at 501 East Erie Street.
Body
W...
Click here for full text