Number
011240
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HENNINGSEN
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 49 (Cathedral Place), in the 4th Aldermanic District.
Analysis
This substitute resolution creates a Tax Incremental District and approves a Project Plan for Cathedral Place, generally bounded by East Wells Street, North Jackson Street, East Mason Street, and the north-south alley in the block bounded by East Wells Street, North Jackson Street, East Mason Street and North Jefferson Street. The Project Plan provides for the construction of a 940-stall public parking structure to be included within a mixed-use development comprised of a 160,000 square foot office building, a 24,000 square foot retail space and 30 residential condominiums.
Body
Whereas, Section 66.1105, Wisconsin Statutes, the “Tax Increment Law,” provides a means for cities to finance the improvement of areas in need of redevelopment; and
Whereas, Subsection (“ss”) 66.1105(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“Authority”) must follow to create a Tax Incremental District (“District” or “TID”) and approve a Project Plan (“Plan”) for the District; and
Whereas, Pursuant to Wisconsin Statutes, the Authority conducted a public hearing on the Plan creating TID No. 49 and, therefore, recommended that the District be created and is hereby submitting such recommendation to the Common Council for approval with a proposed Plan for the District, a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of ss 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed District must qualify as either a “blighted area” within the meaning of ss 66.1105(2)(a), Wisconsin Statutes; an area “in nee...
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