Number
160937
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 89 (Garfield/North), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 89 consists of six parcels totaling 99,312 square feet, between West North Avenue, West Garfield Avenue, North 4th Street and North 5th Street, including the former Garfield School. The District is being created to assist in the adaptive reuse of the Garfield School and the creation of 30 housing units and the construction of an adjacent mixed-use project, with 41 housing units and 8,000 square feet of commercial space.
The District will fund up to $1,435,000 in project costs. The District will be repaid to the City from tax incremental revenue from the District.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin, with amendments from other chapters of said Laws, created Section 66.1105, Wisconsin Statutes, titled “Tax Increment Law;” and
Whereas, Section 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 (“TID” or “District”) and approve a Project Plan for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on October 20, 2016 the Authority conducted a public hearing on the Project Plan, designated the boundaries of the District and recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the District (“Plan”), a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property withi...
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