NUMB:
980232
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing the City of Milwaukee to enter into a PILOT ("Payment in Lieu of Taxes") Agreement with each of Milwaukee Housing Assistance Corporation ("MHAC") State Street, Inc., MHAC Florist Garden, Inc. (MHAC a.k.a. Wisconsin Community Development Corporation), and with The Millennium Housing Foundation, Inc.
ANLS:
- Analysis -
This substitute resolution authorizes the City to enter into PILOT Agreements for the properties at 1425 West State Street, 3402 (a.k.a. 3426) West Florist Avenue, and 6700 West Appleton Avenue.
BODY:
Whereas, MHAC State Street, Inc. ("MHAC-SS") owns 1425 West State Street, Milwaukee, Tax Key No. 390-1131-5 (the "State Street Property"); and
Whereas, MHAC Florist Gardens, Inc. ("MHAC-FG") owns 3402 (a.k.a. 3426) West Florist Avenue, Tax Key No. 159-0001-9 (the "Florist Property"); and
Whereas, The Millennium Housing Foundation, Inc. ("MHF") will purchase the property at 6700 West Appleton Avenue, Tax Key No. 290-0131-000-1 (the "Appleton Avenue Property"); and
Whereas, The City of Milwaukee Assessor's Office has determined that the State Street Property and the Florist Property are each exempt for 1997 and 1998 property taxes; and
Whereas, The Assessor's Office has determined that the Appleton Avenue Property is exempt for 1998 property taxes; and
Whereas, As long as the ownership and use of the State Street Property, the Florist Property, and the Appleton Avenue Property fit or continue to fit within a legislative exemption from property taxes, it is foreseeable that these properties will remain tax exempt; and
Whereas, MHAC-SS, MHAC-FG, and MHF are willing to make payments in lieu of taxes ("PILOT") on the State Street, the Florist, and the Appleton Avenue Properties pursuant to the terms set forth in the PILOT Agreements, copies of which are attached to this Common Council File as Exhibits A, B, and C; now, the...
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