Number
021332
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. NARDELLI
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 51, City of Milwaukee, (Granville Station) and approving the terms of a Development Agreement to implement the Project Plan, in the 15th Aldermanic District.
Analysis
This substitute resolution creates a Tax Incremental District and approves a Project Plan for the Granville Station Project, which contains four of the five properties making up the former Northridge Mall shopping center. This resolution also authorizes entering into a Development Agreement for Project Plan implementation. The Project Plan provides a development grant in the amount of $4.4 million to the developer of Phase I of Granville Station, Tucker Development Corporation, for site improvement costs related to the demolition of the former Sears department store buildings and regrading approximately 26.8 acres of the site to create sufficient area for the development of a 161,640 square foot home improvement center, a 61,000 square foot grocery store building with an additional 15,000 square feet of expansion space and an outlot. The grant will be funded from tax incremental revenue generated by the development.
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. 51 and, therefore, recommended that the District be created and is ...
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