City of Milwaukee - File #: 060893

• File #: 060893
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/24/2006
• In control: ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE
• Final action: 11/14/2006
• Title: Substitute resolution approving a Project Plan and creating Tax Incremental District No. 66 (Metcalfe Park Homes), authorizing Contingent Borrowing and approving the terms of a Development Agreement and a Cooperation Agreement to implement the Project Plan, in the 15th Aldermanic District.
• Sponsors: ALD. HINES JR.
• Indexes: HOUSING, TAX INCREMENTAL DISTRICTS, TAX INCREMENTAL FINANCING

Date	Ver.	Action By	Action	Result	Tally
11/27/2006	1	MAYOR	SIGNED
11/14/2006	1	COMMON COUNCIL	ADOPTED	Pass	15:0
11/8/2006	1	CITY CLERK	DRAFT SUBMITTED
11/8/2006	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	SUBSTITUTED; Minutes note: Individuals present: Marai Prioletta - Dept. of City Development Ralph Hollmon - President and CEO of the Milwaukee Urban League Chris Laurent - Gorman & Company Craig Kammholz - Comptroller's Office Donna Schleomann - citizen	Pass	4:0
11/8/2006	1	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
10/31/2006	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/31/2006	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/30/2006	0	ZONING, NEIGHBORHOODS & DEVELOPMENT COMMITTEE	HEARING NOTICES SENT
10/24/2006	0	COMMON COUNCIL	ASSIGNED TO

Number
060893
Version
Substitute 1
Reference
051132, 051144
Sponsor
ALD. HINES
Title
Substitute resolution approving a Project Plan and creating Tax Incremental District No. 66 (Metcalfe Park Homes), authorizing Contingent Borrowing and approving the terms of a Development Agreement and a Cooperation Agreement to implement the Project Plan, in the 15th Aldermanic District.
Analysis
This substitute resolution approves a Tax Incremental District Project Plan to provide $900,000 in financial assistance for the development of 30 new homes in the Metcalfe Park neighborhood under a “lease to own” program sponsored by the Milwaukee Urban League and Gorman & Company. In addition, the Tax Incremental District No. 66 Project Plan also creates a forgivable loan pool of $500,000 for exterior home improvements for property owners in the district. The Tax Incremental District is bounded by West Meinecke Avenue, West Center Street, North 27th Street and North 39th Street. This resolution also approves the terms of a Development Agreement with Metcalfe Park Homeowners Initiative, LLC, and a Cooperation Agreement with the Redevelopment Authority of the City of Milwaukee for the purposes of implementing the Project Plan.
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 and recommended that the District be created and...