City of Milwaukee - File #: 211434

• File #: 211434
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 1/18/2022
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 2/8/2022
• Title: Resolution authorizing a one year extension to the term of Tax Incremental District No. 52 (Sigma-Aldrich Corporation) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2021 levy.
• Sponsors: ALD. JOHNSON
• Indexes: HOUSING, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
2/17/2022	0	MAYOR	SIGNED
2/8/2022	0	COMMON COUNCIL	ADOPTED	Pass	12:0
2/1/2022	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Dennis Yaccarino, Budget & Management Director Ald. Khalif Rainey, 7th Ald. Dist.	Pass	5:0
1/18/2022	0	COMMON COUNCIL	ASSIGNED TO

Number
211434
Version
Original
Reference

Sponsor
ALD. JOHNSON

Title
Resolution authorizing a one year extension to the term of Tax Incremental District No. 52 (Sigma-Aldrich Corporation) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2021 levy.

Analysis
This resolution authorizes the increment received for the 2021 levy for TID No. 52 (Sigma-Aldrich Corporation), predicted to be approximately $450,000, to be used to benefit affordable housing and improve housing stock in the City of Milwaukee.

Body
Whereas, Section 66.1105(6)(g), Wisconsin Statutes, provides that after the date on which a tax incremental district (“TID” or “district”) pays off the aggregate of all of its project costs, the life of the district may be extended for one year and the additional tax incremental revenues may be used to benefit affordable housing and improve housing stock in the city; and

Whereas, at least 75 percent of the increments received must benefit affordable housing in the city, and the remaining portion used to improve the city’s housing stock; and

Whereas, On September 24, 2013, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 130460, which created MCO Section 304-96 that provided for the extension of TIDs for one year to improve the City’s housing stock; and

Whereas, On May 13, 2014, the Common Council adopted File No. 131751, a substitute resolution establishing a framework for using tax increments to benefit affordable housing and improve housing stock in the city; and

Whereas, the Mayor and Common Council of the City of Milwaukee deem that protection and improvement of the city’s neighborhoods and housing stock is critical to maintaining a healthy and sustainable community and this funding will help support the housing priorities of Milwaukee’s Housing Trust Fund, Strong Neighborhoods Investment Partnership, and Federally Ineligible...