City of Milwaukee - File #: 240925

• File #: 240925
• Version: 0
• Type: Resolution
• Status: In Council-Adoption
• File created: 10/15/2024
• In control: FINANCE & PERSONNEL COMMITTEE
• Title: Resolution authorizing a one year extension to the term of Tax Incremental District No. 37 (Grand Avenue Replacement) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2024 levy.
• Sponsors: THE CHAIR

Date	Ver.	Action By	Action	Result	Tally
10/30/2024	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Sarah Osborn, Budget Office Ald. Coggs requested for an analysis of the tax base or value added from houses that were purchased through the down payment assistance program. Ald. Spiker requested for a listing of the programs to receive funds through this file be included in the file.	Pass	5:0
10/29/2024	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION AND ASSIGNED; Minutes note: Appearing: Nik Kovac, Budget Director Sarah Osborn, Budget Office This resolution authorizes the increment received for the 2024 levy for TID No. 37 (Grand Avenue Replacement), predicted to be approximately $2,000,000, to be used to benefit affordable housing and improve housing stock in the City of Milwaukee.	Pass	5:0
10/15/2024	0	COMMON COUNCIL	ASSIGNED TO

Number
240925
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution authorizing a one year extension to the term of Tax Incremental District No. 37 (Grand Avenue Replacement) and using the resulting tax incremental revenue to benefit affordable housing and improve housing stock in the City of Milwaukee with the 2024 levy.
Analysis
This resolution authorizes the increment received for the 2024 levy for TID No. 37 (Grand Avenue Replacement), predicted to be approximately $2,000,000, to be used to benefit affordable housing and improve housing stock in the City of Milwaukee.
Body
Whereas, Section 66.1105(6)(g), Wisconsin Statutes, provides that after the date on which a tax incremental district (“TID” or “district”) pays off the aggregate of all of its project costs, the life of the district may be extended for one year and the additional tax incremental revenues may be used to benefit affordable housing and improve housing stock in the city; and

Whereas, On September 24, 2013, the Common Council of the City of Milwaukee (“Common Council”) adopted File No. 130460, which created MCO Section 304-96 that provided for the extension of TIDs for one year to improve the City’s housing stock; and

Whereas, On May 13, 2014, the Common Council adopted File No. 131751, a substitute resolution establishing a framework for using tax increments to benefit affordable housing and improve housing stock in the city; and

Whereas, the Mayor and Common Council of the City of Milwaukee deem that protection and improvement of the city’s neighborhoods and housing stock is critical to maintaining a healthy and sustainable community and this funding will help support the housing priorities of Milwaukee’s Housing Trust Fund, Strong Neighborhoods Investment Partnership, In-Rem Property Maintenance, and Partnerships in Affordable Housing for Down Payment Assistance; and

Whereas, the City created TID No. 37 in 1998; and

Whereas, TID No. 37, has collected sufficient incr...