Number
250732
Version
ORIGINAL
Reference
Sponsor
ALD. COGGS
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 126 (Field House Flats), in the 6th Aldermanic District.
Analysis
Tax Incremental District No. 126 consists of five parcels bounded by North Dr. Martin Luther King Jr. Drive, North Vel R Phillips Avenue, West Juneau Avenue, and West Mc Kinley Avenue. The District is being created to assist in the new construction of a five to seven-story mixed-use affordable housing development including 269 residential units and approximately 40,000 square feet of commercial space.
The Tax Incremental District will fund an annual payment to the Developer for up to 18 years, equal to 100 percent of any incremental property taxes (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 up to $6,770,000 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 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 August 21, 2025, the Authority conducted a public hearing on the proposed TID, designated the boundaries of the District, 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, As required by Section...
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