Number
252192
Version
ORIGINAL
Reference
Sponsor
ALD. BAUMAN
Title
Resolution approving a Project Plan and Development Agreement, authorizing expenditures, and creating Tax Incremental District No. 133 (2711 West Wells), in the 4th Aldermanic District.
Analysis
Tax Incremental District No. 133 consists of three (3) parcels located at 2711 West Wells, 2805 West Wells and 763 North 28th Street in the Near West Side neighborhood. The District is being created to support the new construction of 124 affordable rental housing units offered to elderly households earning between 30 to 80 percent of area median income. Fourteen (14) units will be set aside for veterans and eighteen (18) units will be designated as supportive housing.
The Tax Incremental District will fund annual grant payments to the Developer for 23 years, pursuant to a development agreement, equal to 100 percent of any incremental tax revenue (less $7,500 in annual expenses), resulting from the taxable value of real and personal property in the Tax Incremental District, not to exceed an amount equal to $2,600,000, 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 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 (“Plan”); and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on May 4, 2026, the Authority conducted a public hearing on the proposed TID and the Plan, designated the boundaries of the District, to include only whole parcels that are contiguous, approved the Plan, recommended that the District be created, and submitted such reco...
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