Number
180884
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. ZIELINSKI
Title
Substitute resolution approving a Project Plan and a Development Agreement, authorizing expenditures and creating Tax Incremental District No. 94 (1st and Becher), in the 14th Aldermanic District.
Analysis
Tax Incremental District No. 94 consists of five properties totaling approximately 6.18 acres in the area bounded by South 1st Street on the east, West Becher Street on the South and the Kinnickinnic River on the west and north.
Adoption of this substitute resolution will fulfill statutory requirements for approving a Project Plan and creating a Tax Incremental District to provide a cash grant to assist in the financing of a riverwalk and environmental remediation as well as to pay for public infrastructure improvements within the boundaries of the District and within one-half mile of the boundaries of the District. This substitute resolution authorizes the Commissioner of City Development, other public officials and the Redevelopment Authority to take such actions, as are necessary, to accomplish the objectives of the Project Plan and also directs the City Comptroller to create the necessary and appropriate accounts and subaccounts for Project Plan implementation.
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 District; and
Whereas, Pursuant to Section 66.1105(4)(a) through (gm), Wisconsin Statutes, on September 11, 2018, the Authority conducted a public hearing on the Project Plan, designated the boundar...
Click here for full text