Number
000806
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District Number Forty-Two (Capitol Court) in the 2nd 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 redevelopment of the Capitol Court shopping center in the area generally bounded by West Capitol Drive, North 60th Street, and West Fond du Lac Avenue. This resolution authorizes the Commissioners of the Department of City Development and Public Works, the City Engineer, and other public officials 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, Section 66.46, Wisconsin Statutes, the "Tax Increment Law," provides a means for cities to finance the improvement of areas in need of redevelopment; and
Whereas, Subsection ("ss") 66.46(4) of the Tax Increment Law sets forth certain criteria that the Common Council of the City of Milwaukee ("Common Council") and the City Plan Commission must follow to create a Tax Incremental District ("District") and approve a Project Plan ("Plan") for the District; and
Whereas, Pursuant to ss 66.46(4)(a) through (gm), Wisconsin Statutes, requiring Plan preparation, notice, public hearing and Plan adoption, the City Plan Commission designated the area generally bounded by West Capitol Drive, North 60th Street, and West Fond du Lac Avenue, recommended that the District be created, and submitted the recommendation to the Common Council for approval along with a proposed Plan for Tax Incremental District Number Forty-Two, City of Milwaukee, a copy of which is attached to this Common Council File; and
Whereas, Ss 66.46(4)(g), Wisconsin Statutes, provides that...
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