Number
151547
Version
SUBSTITUTE 1
Reference
011182, 041514, 101297
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving Amendment No. 3 to the Project Plan authorizing additional funding and expenditures for Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
Tax Incremental District No. 48 was created in 2002 to fund the redevelopment of 64 acres of vacant land made available by the removal of the former Park East Freeway spur. The purpose of the Project Plan and subsequent amendments was to fund public infrastructure in the former freeway corridor to promote redevelopment of the vacant parcels, including providing funding for the North End Project. Amendment No. 3 will authorize $375,000 in additional project funding to be used for workforce training and capacity-building programs.
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 Project Plan and an updated boundary for the District; and
Whereas, On July 26, 2011, the Common Council adopted File No. 101297, which approved Amendment No. 2 to the Project Plan to fund additional public infrastructure, administrative costs and workforce development related to the North End Phase II Project; and
Whereas, Pursuant to Section 66.1105(4)(h)(l), Wisconsin Statutes, on February 18, 2016, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 3 to the Project Plan for the District (“Amendment”), approved the Amendment by resolution and submitted the Amendment, a copy of which is attached to this Common Council File, to the Common Council for its approval; and
Whereas, Sections 66.1105(4)(g) and (h)(1), Wisconsin Statu...
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