Number
040781
Version
SUBSTITUTE 1
Reference
031366
Sponsor
THE CHAIR
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 57 (Menomonee Valley East Project) in the 12th Aldermanic District.
Analysis
This substitute resolution approves a tax incremental district Project Plan to redevelop approximately 20 acres, owned or controlled by the City or Redevelopment Authority, at North 6th Street and West Canal Street. H-D Milwaukee, LLC, a company wholly owned by Harley-Davidson, proposes to develop a $95 million complex of buildings on these sites, including a museum, cafe, retail, banquet and restaurant space, archive and restoration structures and general office and/or commercial space. The complex will consist of 230,000 square feet of facilities to be developed in three phases over seven years, at an estimated cost of $95 million.
The creation of this tax incremental district Project Plan was approved, in principle, with the adoption of File No. 031366, on May 25, 2004, which file set forth the general terms and conditions for the proposed Harley-Davidson development.
The Project Plan provides for up to $7 million of funding for extraordinary site costs to be incurred in connection with the development. These costs include environmental remediation, dockwall repair and replacement, the incremental costs of supporting the proposed buildings on deep foundations, the cost of street vacations and utility relocations on the property and the cost of elevating the site above the floodplain. All of these funds will be advanced by the Developer and will be repaid by the City only from incremental tax revenue generated in the District. In addition, the cost of demolishing the structures presently on the site, which cost will be deducted from the City's sales price for the property, is included as a project cost. The estimated payback period for the proposed TID is 25 years.
Body
Whereas, Chapter 105 of ...
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