Number
030050
Version
SUBSTITUTE 1
Reference
011302
Sponsor
ALD. PRATT AND HENNINGSEN
Title
Substitute resolution approving Amendment No. 1 to the Project Plan for Tax Incremental District No. 47 (875 East Wisconsin) and authorizing the proper City officials to enter into a Relocation Assistance Agreement with Roundy's, Inc., in the 4th Aldermanic District.
Analysis
Adoption of this substitute resolution will fulfill statutory requirements for amending the Project Plan for TID No. 47. The amendment revises the Project Plan to adjust the expenditure budget for public infrastructure activities and to add a Project Plan expenditure category titled, Economic Development Assistance Grant, which will allow the City of Milwaukee to provide a $300,000 grant to Roundy's, Inc., to assist them in relocating their corporate headquarters to the 875 East Wisconsin Avenue Project. This resolution also approves the agreement between Roundy's, Inc., and the City of Milwaukee for the grant.
Body
Whereas, Section 66.1105(4)(h)l., Wisconsin Statutes, permits the Redevelopment Authority of the City of Milwaukee (“Authority”), subject to the approval of the Common Council, to amend the Project Plan for a Tax Incremental District; and
Whereas, The Common Council of the City of Milwaukee (“Common Council”) on March 5, 2002, adopted File No. 011302 approving a Project Plan and creating Tax Incremental District No. 47 (875 East Wisconsin); and
Whereas, Pursuant to Section 66.1105(4)(h)l., Wisconsin Statutes, and following the required notice and public hearing, the Authority adopted Amendment No. 1 to the Project Plan for Tax Incremental District No. 47 (“Amendment”), a copy of which is attached to this Common Council File; and
Whereas, The Authority has submitted said Amendment to the Common Council for its approval; and
Whereas, Section 66.1105(4)(g) and (h)1., Wisconsin Statutes, provides that an amendment to a Project Plan for a Tax Incremental Dist...
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