City of Milwaukee - File #: 181254

• File #: 181254
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 11/27/2018
• In control: COMMON COUNCIL
• Final action: 12/18/2018
• Title: Resolution approving a Project Plan and a Development Agreement, authorizing expenditures, creating Tax Incremental District No. 96 (Komatsu Mining Corp.) and authorizing the City of Milwaukee to enter into an Option to Purchase with Wisconsin Gas, LLC for 302 East Greenfield Avenue, in the 12th Aldermanic District.
• Sponsors: ALD. PEREZ
• Indexes: PLANNED DEVELOPMENT DISTRICTS, TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
12/19/2018	0	MAYOR	SIGNED
12/18/2018	0	COMMON COUNCIL	ADOPTED	Pass	14:1
12/11/2018	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	AMENDED; Minutes note: Individuals appearing: Dan Casanova, Dept. of City Development Rocky Marcoux, Dept. of City Development Commissioner Alyssa Remington, Dept. of City Development Matt Beaudry, Komatsu Mining Corp John Koetz, Komatsu Mining Corp Adam Schlicht, Port of Milwaukee Ald. Ashanti Hamilton, 1st Ald. Dist. Individuals testifying in support: Ivan Gamboa, Harbor District Inc. Ken Kraemer, The Construction Labor Management Council of Southeast Wisconsin Ald. Bauman moved to amend the Komatsu Mining Corp. Term Sheet (Exhibit 6 of the Project Plan for Tax Incremental Financing District No. 96) by changing the words "10 years" and "10-year period" in the first paragraph under "CITY SITE" (page 5) to "5 years" and "5-year period," respectively. (Failed 1-4)	Fail	1:4
12/11/2018	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:1
12/6/2018	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/6/2018	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
12/6/2018	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
11/27/2018	0	COMMON COUNCIL	ASSIGNED TO

Number
181254
Version
ORIGINAL
Reference

Sponsor
ALD. PEREZ
Title
Resolution approving a Project Plan and a Development Agreement, authorizing expenditures, creating Tax Incremental District No. 96 (Komatsu Mining Corp.) and authorizing the City of Milwaukee to enter into an Option to Purchase with Wisconsin Gas, LLC for 302 East Greenfield Avenue, in the 12th Aldermanic District.
Analysis
Tax Incremental District No. 96 consists of five properties in the vicinity of East Greenfield Avenue and the Kinnickinnic River. The District will provide funding to assist in a new headquarters and manufacturing facility for Komatsu Mining Corp (“Komatsu”). Komatsu will advance all costs for its project. If Komatsu meets its employment projections, the City of Milwaukee will make annual cash grants to Komatsu from the incremental taxes collected in the District, until such time as up to $25,000,000 is repaid at an interest rate of 4.5 percent, over a period not to exceed 25 years. In addition, the District is proposed to fund Riverwalk and public infrastructure improvements within one-half mile of the District’s boundary ($15,000,000) and property acquisition ($1,000). Total project costs are $40,001,000.
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 November 15, 2018 the Authority conducted a public hearing on the proposed Project Plan for the District (“Plan”), designated the boundaries of the District a...