Number
060961
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution approving a Project Plan and creating a Tax Incremental District for the 735 North Water Street Redevelopment project, authorizing expenditures and approving the terms of a Development Agreement to implement the Project Plan, in the 4th Aldermanic District.
Analysis
This substitute resolution approves a Tax Incremental District Project Plan to assist Compass Properties in redeveloping properties at 735 and 731 North Water Street by providing gap financing for office renovation and the reconstruction of the existing Riverwalk adjacent to those properties, including improvements to make them handicap accessible.
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 (“District” or “TID”) and approve a Project Plan for a District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, the Authority conducted a public hearing on the Project Plan, designated the boundaries of a District at 731 and 733-43 North Water Street and recommended that the District be created and submitted such recommendation to the Common Council for approval with a proposed Project Plan for the TID (“Plan”), a copy of which is attached to this Common Council File; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by area, of the real property within a proposed District must qualify as either a “blighted area” within the meaning of Section 66.1105(2)(a), Wisconsin Statutes; an area “in need of reh...
Click here for full text