City of Milwaukee - File #: 130268

• File #: 130268
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 6/11/2013
• In control: COMMON COUNCIL
• Final action: 7/2/2013
• Title: Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 56 (Erie/Jefferson Street) and authorizing expenditures, in the 4th Aldermanic District.
• Sponsors: ALD. BAUMAN
• Indexes: TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
7/2/2013	1	MAYOR	SIGNED
7/2/2013	1	COMMON COUNCIL	ADOPTED	Pass	14:1
6/25/2013	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Jim Scherer, Department of City Development Alyssa Remington, Department of City Development Greg Hagopian, Assistant City Attorney	Pass	5:0
6/21/2013	1	CITY CLERK	DRAFT SUBMITTED
6/19/2013	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/19/2013	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
6/11/2013	0	COMMON COUNCIL	ASSIGNED TO

Number
130268
Version
SUBSTITUTE 1
Reference
040639, 090791
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving Amendment No. 2 to the Project Plan for Tax Incremental District No. 56 (Erie/Jefferson Street) and authorizing expenditures, in the 4th Aldermanic District.
Analysis
The Common Council created Tax Incremental District No. 56 in 2004 by adoption of File No. 040639 to, among other things, increase public access to the Milwaukee River by construction of riverwalk and plazas, to provide assistance in funding for riverwalk improvements and to remove or improve obsolete railroad facilities. TID No. 56 was amended in 2009 by adoption of File No. 090791 to establish TID No. 56 as a “Donor” district to allow surplus revenue from TID No. 56 to be transferred to certain “Recipient” districts.

Amendment No. 2 to the Project Plan for TID No. 56 will approve donating funds from TID No. 56 to TID No. 58 (20th/Walnut), to TID No. 65 (20th/Brown) and to TID No. 66 (Metcalfe Park Homes). TID Nos. 58, 65 and 66 are not generating incremental revenue and there are no immediate prospects for redevelopment within the districts, which would produce such an increment. It is proposed that TID No. 56 donate sufficient revenue to these districts to completely retire their project costs and to cause the districts to be closed out. TID No. 56 has sufficient surplus revenue to accomplish this with donations over three years.

In addition, this resolution will provide $128,000 for the acquisition by the City of Milwaukee of former railroad right-of-way at 501 East Erie Street and for the purpose of performing an engineering study of the associated railroad structures.
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, Boundaries and a Project Plan for Tax Incremental District (“TID” or “District”) No. 56 were...