Number
011182
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. HENNINGSEN, D'AMATO AND JOHNSON-ODOM
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 48 (Park East), in the 3rd, 4th and 6th Aldermanic Districts.
Analysis
This substitute resolution creates a Tax Incremental District and approves a Project Plan for the Park East Redevelopment Project, generally bounded by East and West Juneau Avenue on the south, North 8th Street on the west, North Jefferson Street, North Milwaukee Street, North Broadway and East Knapp Street on the east, and West McKinley Street on the north. The area extends northeast along Water Street to the intersection of East Brady Street with North Jackson Street. The Project Plan provides public improvements necessary to promote development and redevelopment in the former Park East Freeway corridor and surrounding properties. Public improvements include new local streets, storm sewer, and signalization.
Body
Whereas, Section 66.1105, 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”) 66.1105(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 (“District” or “TID”) and approve a Project Plan (“Plan”) for the District; and
Whereas, Pursuant to Wisconsin Statutes, the Authority conducted a public hearing on the Plan creating TID No. 48 and, therefore, recommended that the District be created and is hereby submitting such recommendation to the Zoning, Neighborhoods and Development Committee for approval with a proposed Plan for the District, a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of ss 66.1105(4)(gm)4.a., Wisconsin Sta...
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