Number
241880
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving a Project Plan, and a development agreement, authorizing expenditures, and creating Tax Incremental District No. 122 (Cudahy Farms), in the 9th Aldermanic District.
Analysis
Tax Incremental District No. 122 (the “District”) consists of one property located at 9050 North Swan Road. The District is proposed to assist Royal Capital Group, LLC and/or Cudahy Farms P1, LLC (the “Developer”), in redeveloping the Cudahy Farms in the City of Milwaukee (“City”). The Developer will advance all costs for the project. Once the project is completed, the City will make annual cash grants to the Developer equal to 100% of the incremental taxes generated from the District until such time as up to $3,700,000 (less $$7,500 in annual expenses) is repaid at an interest rate of 5.1%, over a period not to exceed 17 years.
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 (“Authority”) must follow to create a Tax Incremental District (“TID” or “District”) and approve a project plan for a TID; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on March 20, 2025, the Authority conducted a public hearing on the proposed Project Plan for the District (“Plan”), designated the boundaries of the District and 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, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the...
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