Number
130072
Version
SUBSTITUTE 1
Reference
030974
Sponsor
ALD. DONOVAN
Title
Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 53 (Menomonee Valley Business Park) and authorizing expenditures, in the 8th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 53 in 2003 for the purpose of eliminating blight, improving access to open space and recreation areas and facilitating the redevelopment efforts of the Menomonee River Valley. In general, funding was to be provided to the Redevelopment Authority to remediate environmental impacts, realign Canal Street, prepare developable areas for construction, create a stormwater treatment area, design and construct local roadways and sewers, install utilities and provide engineering oversight. The primary investment for TID No. 53 was acquisition and redevelopment of the former Milwaukee Road Shops Redevelopment Project Area into the Menomonee Valley Industrial Center and Community Park. A significant unknown in the overall development of the business park has been the geotechnical issues associated with the fill. Amendment No. 2 will modify the scope of the Project Plan as it relates to additional site preparation of the business park and provide approximately $1,300,000 of additional public funding, plus 10% for capitalized interest, to mitigate the geotechnical and environmental issues.
Body
Whereas, On November 25, 2003, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 030974, which approved a Project Plan and created Tax Incremental District No. 53 (Menomonee Valley Business Park) (the “District”); and
Whereas, On September 20, 2011, the Common Council approved Amendment No. 1 to the Project Plan for the District to allow one-half of land sale proceeds to be retained by the Department of City Development (“DCD”) for extraordinary geotechnical and environmental costs; and
Whereas, Pursuant to ...
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