Number
051275
Version
Substitute 2
Reference
Sponsor
ALD. HINES
Title
Substitute resolution approving a Project Plan, creating Tax Incremental District No. 65 (20th and Brown), authorizing Contingent Borrowing and approving a Cooperation Agreement with the Redevelopment Authority of the City of Milwaukee to implement the Project Plan, in the 15th Aldermanic District.
Analysis
Adoption of this substitute resolution will approve a Project Plan for a Tax Incremental District that will assist in redeveloping a blighted area consistent with the Fond du Lac and North Neighborhood Plan and will authorize a Cooperation Agreement with the Redevelopment Authority to implement the Project Plan.
The Project Plan provides for up to $3.25 million for costs associated with site assembly, building public improvements and providing forgivable loans and grants to existing homeowners plus capitalized interest of $325,000.
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 (“District” or “TID”) and approve a Project Plan for the District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, a public hearing was conducted by the Authority on December 15, 2005, and a resolution designating the boundaries of the District, recommending that the District be created, and approving a Project Plan for the North 20th and West Brown Streets TID No. 63 (now known as TID No. 65), was approved by the Authority on January 19, 2006; and
Whereas, Under the provisions of Section 66.1105(4)(gm)4.a., Wisconsin Statutes, not less than 50 percent, by a...
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