Number
260658
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 137 (310W East Tower), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 137 consists of one parcel located at 310 West Wisconsin Avenue. The District is being created to support the commercial conversion of an office building to a 220-unit multi-family residential building with 22 percent of units set aside for households earning 70 to 90 percent of the Area Median Income.
The Tax Incremental District will fund an annual grant payment to the Developer for up to 18 years, pursuant to a development agreement, equal to 100 percent of any tax incremental revenue (less $10,000 in annual expenses), resulting from the taxable value of real and personal property in the Tax Increment District, not to exceed an amount equal to $6,440,000, plus interest, as further described in the Project Plan attached to this Common Council file.
Body
Whereas, The Wisconsin Legislature created Section 66.1105, Wisconsin Statutes, entitled “Tax Increment Law;” and
Whereas, Section 66.1105(4) of the Tax Increment Law sets forth certain process and criteria that the Common Council of the City of Milwaukee (“Common Council”) and the Redevelopment Authority of the City of Milwaukee (“RACM”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a Project Plan (“Plan”); and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on August 20, 2026, RACM conducted a public hearing on the proposed TID and the Plan, designated the boundaries of the District, approved the Plan, recommended that the District be created, and submitted such recommendation to the Common Council for approval with the Plan, a copy of which is attached to this Common Council File; and
Whereas, As required by Section 66.1105(4...
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