Number
252193
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. DIMITRIJEVIC
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 134 (Austin Commons), in the 14th Aldermanic District.
Analysis
Tax Incremental District No. 134 consists of three (3) parcels located at 2318, 2324 and 2332 South Austin Street in the Bayview neighborhood. The District is being created to support the new construction of 100 affordable rental housing units offered to households earning between 30 to 80 percent of area median income. Fourteen (14) of the 100 units will be designated as supportive housing units.
The Tax Incremental District will fund an annual payment to the Developer for 21 years, equal to 100 percent of any incremental taxes (less $7,500 in annual expenses), resulting from the taxable value of real and personal property in the Tax Incremental District, not to exceed an amount equal to $2,135,000 plus interest, as further described in the Project Plan attached to this Common Council file.
Body
Whereas, The Wisconsin Legislature created Section 66.1105, Wisconsin Statutes, entitled “Tax Increment Law;” and
Whereas, Section 66.1105(4) of the Tax Increment Law sets forth certain process and criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“RACM”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan (“Plan”); and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on May 4, 2026, RACM conducted a public hearing on the proposed TID and the Plan, designated the boundaries of the District, approved the Plan, recommended that the District be created, and submitted such recommendation to the Common Council for approval with the Plan, a copy of which is attached to this Common Council File; and
Whereas, As required by Sect...
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