Number
170425
Version
ORIGINAL
Reference
Sponsor
ALD. STAMPER
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 90 (15th and North), in the 15th Aldermanic District.
Analysis
Tax Incremental District No. 90 consists of three parcels totaling 34,020 square feet on West North Avenue between 15th and 16th Streets. The District is being created to assist in the redevelopment of the former Blommer Ice Cream Factory and the creation of 38 housing units and construction of an adjacent mixed-use development with 26 housing units and 1,885 square feet of ground floor office space.
The TID will fund an annual payment to the Developer for a period of up to 20 years, equal to 100 percent of any incremental property taxes (less $7,500 in annual expenses), resulting from the increased taxable value of real and personal property in the District, not to exceed an amount sufficient to repay up to $635,000, at 4.5 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 June 15, 2017 the Authority conducted a public hearing on the Project 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 a proposed Project Plan for the District (“Plan”), a copy of which is attached to this Common Council File; and
Whe...
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