Number
190882
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. RAINEY
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 101 (Century City), in the 7th Aldermanic District.
Analysis
Tax Incremental District No. 101 consists of one property in the Century City business park. The District is proposed to provide funding to assist Strauss Brands, Inc. (the “Company”) in constructing an industrial and office facility on a portion of 3025 West Hopkins Street. The Company will advance all costs for the project. The District will fund an annual payment to the Company for a period of up to 25 years, equal to 100 percent of any incremental property taxes (less $7,500 in annual expenses), resulting from increased taxable value of real and personal property in the District, not to exceed an amount sufficient to repay up to $4,500,000, at 5.5 percent interest.
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 September 19, 2019 the Authority conducted a public hearing on the proposed Project Plan for the District (the “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., Wis...
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