Number
240383
Version
ORIGINAL
Reference
060961, 091567, 201473, 220302
Sponsor
ALD. BAUMAN
Title
Resolution approving Amendment No. 4 to the Project Plan for Tax Incremental District No. 70, 735 North Water Street, and authorizing additional funding and expenditures, and approving a development agreement, in the 4th Aldermanic District.
Analysis
This resolution approves Amendment No. 4 to TID No. 70, which authorizes the expenditure of $600,000 in additional project funding for public plaza improvements adjacent to 1005 N Edison Street, and $50,000 for the administration of the District.
Body
Whereas, The Common Council of the City of Milwaukee (“Common Council”) adopted File No. 060961 on September 5, 2007, which approved a Project Plan (“Plan”) and created Tax Incremental District No. 70, 735 North Water Street (“TID No. 70” or “District”); and
Whereas, The Common Council adopted File No. 091567 on May 25, 2010, which approved Amendment No. 1 to the Project Plan for the District; and
Whereas, The Common Council adopted File No. 201473 on April 13, 2021, which approved Amendment No. 2 to the Project Plan for the District; and
Whereas, The Common Council adopted File No. 220302 on July 12, 2022 which approved Amendment No. 3 to the Project Plan for the District; and
Whereas, Pursuant to Section 66.1105(4)(h)(1), Wisconsin Statutes, on July 10, 2024, the Redevelopment Authority of the City of Milwaukee (“Authority”) conducted a public hearing on Amendment No. 4 to the Project Plan for the District (“Amendment”), approved such Amendment by resolution and submitted such Amendment, a copy of which is attached to this Common Council File, 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 shall be approved by the Common Council with the adoption of a resolution, which contains findings that such amendment is feasible and in conformity with the Master P...
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