City of Milwaukee - File #: 221689

• File #: 221689
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 2/28/2023
• In control: COMMON COUNCIL
• Final action: 3/21/2023
• Title: Resolution approving a Project Plan, a Development Agreement and authorizing expenditures and creating Tax Incremental District No. 115 (NM North), in the 4th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
3/28/2023	0	MAYOR	SIGNED
3/21/2023	0	COMMON COUNCIL	ADOPTED	Pass	12:0
3/14/2023	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Dan Casanova, Dept. of City Development Steven Radke, Northwestern Mutual Rebecca Villegas, Northwestern Mutual Atty. Bruce Block, Reinhart Boerner Van Deuren S.C. A presentation was made. Public testimony in support: Peter Rickman, Milwaukee Area Service and Hospitality Workers Organization	Pass	5:0
2/28/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
221689
Version
ORIGINAL
Reference

Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan, a Development Agreement and authorizing expenditures and creating Tax Incremental District No. 115 (NM North), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 115 (the “District”) consists of two properties located at 818 East Mason Street and 777 North Cass Street. The District is proposed to assist Northwestern Mutual Life Insurance Company (the “Company”) in redeveloping the building at 818 East Mason Street and as an incentive for retaining and adding employment in the City of Milwaukee (“City”). The Company will advance all costs for the project. Once the project is completed, the City will make annual cash grants to the Company equal to 75 percent of the incremental taxes generated from the District until such time as up to $30,000,000 (less $10,000 in annual expenses) is repaid at an interest rate of 4.5 percent, over a period not to exceed 23 years. In addition, the District will also provide up to $10,000,000 for public infrastructure improvements within a one-half mile radius of the District boundary and $250,000 in administrative expenses.
Body
Whereas, Chapter 105 of the Laws of 1975 of the State of Wisconsin, with amendments from other chapters of said Laws, created Section 66.1105, Wisconsin Statutes, titled “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 February 16, 2023 the Authority conducted a public hearing on the proposed Project Plan for the District (“Plan”), designated the boundaries of the District and recommended...