Number
060895
Version
SUBSTITUTE 1
Reference
051132, 051144
Sponsor
ALD. WITKOWIAK
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 68 (Fifth Ward - First Place), authorizing Contingent Borrowing and approving the terms of a Riverwalk Development Agreement, in the 12th Aldermanic District.
Analysis
Adoption of this substitute resolution will fulfill statutory requirements for approving a Project Plan and creating a Tax Incremental District to assist in the financing of public improvements, riverwalks and the restoration and adaptive reuse of certain existing buildings in the Fifth Ward along the Milwaukee River west of South First Street and including South First Street. This resolution also authorizes the Commissioner of City Development, other public officials and the Redevelopment Authority of the City of Milwaukee to enter into a Riverwalk Development Agreement and to take such actions as are necessary to accomplish the objectives of the Project Plan and also authorizes the City Comptroller to create the necessary and appropriate subaccounts for Plan implementation.
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 (“Redevelopment Authority”) must follow to create a Tax Incremental District (“District” or “TID”) and approve a Project Plan for the District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Redevelopment Authority conducted a public hearing on the Project Plan for TID No. 68 (Fifth Ward - First Place), designated the boundaries of the District, recommended that the District be created and submitted such r...
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