City of Milwaukee - File #: 031665

• File #: 031665
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 3/19/2004
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 4/13/2004
• Title: Substitute resolution approving a Project Plan and creating Tax Incremental District No. 55 (Holt Plaza), in the 14th Aldermanic District.
• Sponsors: ALD. BREIER
• Indexes: PLANNING, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
4/2/2014	1	COMMON COUNCIL	SIGNED
4/13/2004	1	COMMON COUNCIL	ADOPTED	Pass	14:0
4/13/2004	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	3:0
3/19/2004	0	COMMON COUNCIL	ASSIGNED TO
3/19/2004		ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	REFERRED TO

Number
031665
Version
SUBSTITUTE 1
Reference

Sponsor
ALD. BREIER
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 55 (Holt Plaza), in the 14th Aldermanic District.
Analysis
This substitute resolution creates a Tax Incremental District and approves a Project Plan for the Holt Plaza Project. The Project Plan provides payments to the Mifflin Care Center, the Developer, in an amount of up to $2 million for redevelopment costs at Holt Plaza associated with refinancing of the existing debt. The payments to the Developer will be funded from tax incremental revenue generated by the development.
Body
Whereas, Section 66.1105, Wisconsin Statutes, the “Tax Increment Law,” provides a means for cities to finance the improvement of areas in need of redevelopment; 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 (“District” or “TID”) and approve a Project Plan (“Plan”) for the District; and

Whereas, Pursuant to Wisconsin Statutes, the Authority conducted a public hearing on the Plan creating TID No. 55 and, therefore, recommended that the District be created and is hereby submitting such recommendation to the Common Council for approval with a proposed Plan for the District, a copy of which is attached to this Common Council File; and

Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed District must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(a), Wisconsin Statutes; an area “in need of rehabilitation or conservation work” within the meaning of Section 66.1337(3), Wisconsin Statutes; or must be suitable for “industrial sites” within the meaning of...