Number
260435
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS, JACKSON and STAMPER
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 136 (Amani Homeownership Initiative), in the 6th, 7th, and 15th Aldermanic Districts.
Analysis
Tax Incremental District No. 136 consists of 358 parcels in an area generally bounded by West Burleigh Street on the north, North 26th Street on the west, North 18th Street on the east and West Meinecke Avenue on the south. The District is being created to support the new construction of 95 affordable single-family homes in the Amani neighborhood.
The Tax Incremental District will fund annual grant payments to the Developer for 25 years pursuant to a development agreement, equal to 100 percent of any incremental tax revenue (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 $3,570,000, 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 July 16, 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 Coun...
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